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Michigan | This took place recently, I'm just curious. I recently purchased a farm. The seller got the ball rolling by coming to me and offering the property.
She received the farm from her Father back in the 80's and had to pay off siblings. Fast forward 35 years, she decides to sell to me, with what I believe no consulting of a Attorney or CPA. ( we had a purchase agreement signed right away)
We closed on the property and she received a large lump some check.
What percent will she give up to capital gains? Can she shelter the income? Can she gift the entire amount away to her children? In the event she were to go into a nursing home can they take what she received from the sale of the property? | |
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Selling a farm, capital gains questions
