@ahawley88 wrote:
...one of them wants to buy my third of the estate as he wants to take over the farm. My third is valued at 450K, but we settled on 400K. Will there be any tax implications on this transaction, for me?
There may not be any tax implications. The basis of inherited property is its fair market value on the date of death of the decedent. However, there could be timing issues (depending upon state law), this is a working farm, and there should be a written agreement.
Therefore, you should seek professional guidance in connection with this transaction.
