I am interested in purchasing land in Missouri. The Seller inherited the land and is in their name as title holder. My question is what taxes will the seller be liable for? To the Federal Government and State I am trying to purchase the property but their is
a question about the taxes to be owed. The land has no livable structures. My future plans is to build my home. Thanks and I await your reply.
Answer
The seller you described may owe estate taxes to both the IRS and Missouri. They may also owe property tax to the County or local Districts. The estate taxes might no carry over to the buyer, but the others obviously will.
Good luck
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