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How to figure purchase price of Remainder Interest under a Life Estate

West Columbia, SC |

I am purchasing land from my 78 year old father under a life estate. How would I figure the remainderman purchase price of $39500?

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Attorney answers 1

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The IRS provides actuarial tables, or Section 7520 tables, that can be used to calculate the value of your remainder interest. Check their website at irs.gov or call them for help.

The remainder value is based on your father's age since he is keeping a life estate.