I want to know what the tax
consequences are in the following situation.
JA: The Accountant will know how to help. Please tell me more, so we can help you best.
Customer: My church is receiving land from their conference, but the conference is asking us
to pay the back taxes on the property
for five years. The conference received the land as a gift five years ago. The taxes are current for all years. However, our church was notified that we would receive the land in December 2013, and we thought we would be responsible for taxes going forward. What's the best approach for us? Should we try to structure this as a purchase? Because it certainly isn't a gift. Back taxes are 100K
JA: Is there anything else the Accountant should be aware of?
Customer: this is a robot response. really?
JA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the $5 fully-refundable deposit now. While you're filling out that form
, I'll tell the Accountant about your situation and then connect you two.