ottertail co mn | ProCross - 1/26/2019 08:15
I apologize if this is not a Market Talk subject, but I didn't know where to put this topic.
My mother is in a nursing home and she owns 540 acres. She isn't able to pay the living expenses, so she is selling 40 acres
The land she is selling was inherited in 2014, land was valued at $9,000 per acre in 2014.
Land is now $7,500 per acre. What is the Capital Gains tax?
She would have a loss, so no capital gains if she also inherited the new stepped up basis.
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Teach me about Capital Gains Tax and selling land to pay for nursing home
