One question nobody asked is "what's your cost basis"? That's a fairly important question when you're talking about capital gains.
If you and your sister inherited the family farm, it got a new cost basis when you inherited it, which would be its appraised value at time of inheritance. Which could mean there's not enough capital gains to worry about. But farms are frequently gifted from generation to generation for various reasons (typically so owners qualify for Medicaid) which means the cost basis could go back several generations, resulting in significant capital gains.
It is unknown what the future capital gains tax rate will be. But we do know what it is today, and it is historically quite low. If you're going to sell, there's never been a better time. Farmland prices are high and the capital gains tax rate is low.
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Today's Featured Article - Restoration Story: Fordson Major - by Anthony West. George bought his Fordson Major from a an implement sale about 18 years ago for £200.00 (UK). There is no known history regarding its origins or what service it had done, but the following work was undertaken alone to bring it up to show standard. From the engine number, it was found that this Major was produced late 1946. It was almost complete but had various parts that would definitely need replacing.
... [Read Article]
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