Inheriting Land-How to save on taxes · 🏠 Lower Taxes w/ Ryan

Inheriting Land-How to save on taxes

We’re likely going to inherit a partial interest in a piece of land in the next few months. It’s currently shared on the deed with a relative, and we’ll stay co-owners for now. I want to make sure this doesn’t turn into a financial headache.

The relative has paid the property taxes for years and previously allowed logging, which only brought in about $10k and covered a few years of taxes—not a great return. The land is currently assessed pretty low because there’s no official road access. I’d need to look into getting an easement, but I don’t know how that might affect the assessed value or trigger a reassessment.

I’ve never owned raw land before, so I’m not even sure what questions I should be asking. Are there smart tax strategies, cost-saving moves, or common mistakes I should be aware of? Long term, I’d love to develop it once we can buy out the relative, but for now I just want to manage it wisely.

Any insights from those with experience would be really appreciated.

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