[89 / 6 / ?]
Quoted By: >>501408 >>501555 >>501773 >>501803 >>501832 >>501889 >>501982 >>502068 >>502094 >>502116 >>502338 >>502441 >>502489 >>502742 >>503153 >>503365
So my step dad passed away and suddenly I have a 90 acre farm in Kentucky. He didn't do any farming on it and from what I understand it hasn't been used for anything more than a hay lease since the 40's. He never married my mom so I'm not related legally, which means that I will eventually have to pay an inheritance tax, but that's another story. What I'm here for is advice. I have no idea what to do with the place. Other than the land there is just a house from the 70s and a workshop. My wife just had our first child a little over a month ago. We both work full time and the house is just a 2 bedroom 1 bathroom, and her grandma lives with us. I don't know if I should keep the whole place and move in, then work on the house over the years, or just sell the place and buy a house on just a few acres that will suit my needs better. I mean, I want to grow a garden (I live in an apartment right now) and have room for my family, but I have more land than I do house and bills out the ass already. I don't have any ties to the place because my step dad only lived there a few months before he passed. He told me to sell it if I wanted to, but I am at a legitimate standstill with the decision. They aren't making new land, but what the hell can I do with 90 acres when I have a job that takes up at least 50 hours a week? Should I sublet? Should I sell part of it and keep the rest? I don't know the value yet, but I also know that the inheritance tax for me will be between 4 and 16 percent, so I might get royally hosed on the taxes.
tl;dr
I inherited a farm and don't know if I should keep it or sell it.
tl;dr
I inherited a farm and don't know if I should keep it or sell it.