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Hi, my name is Mark. I will be happy to help you with your questions. Is the land being sold in the estate?
It sounds like you are doing an installment sale. Part of the payment would be allocated to principal and part would be allocated to interest. Your sales agreement and the note on the loan would determine the interest amount. Since this was inherited property it is likely that you received a step up in basis to the fair market at the time of the person's death. There may be a small amount of capital gain associated with this purchase. If this is the case part of the principal payment would be allocated to recognize a portion of the gain. Since you recently inherited the property I would expect that the property gain would be relatively small.
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It would be split between the both of you. Assuming that you owned the property 50 - 50. Then the interest would be split evenly between the two of you.