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Pilot Grove, Missouri | I bought my family farm from my parents in late 1995 as an installment sale. My parents basis was very low so a pretty big % gain which was going to be used to buy an house in town as my father’s dementia was progressing. There were only two installments - last business day of 1995 and first business day of 1996. But our real estate/tax lawyer set it up that way to knock down the tax brackets for my parents by splitting it over two years. The bank I used for the mortgage just funded me the 2nd installment at closing which I deposited and wrote out a check to my parents on January 2nd. Once the 2nd installment payment was made the deed for me and the deed of trust for my mortgage got recorded. | |
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Farm land "Installment Sale"
