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edgerton ks. | Not everyone expects the state to pay for their elder care. But to answer some of your questions.
Max capital gains is 20 percent on the fed side. Sounds like Biden’s wanting to raise that substantially.
Not sure if she can shelter capital gains unless she has an offsetting capital loss.
Sure, she can gift it all away using a portion of her lifetime exclusion for estate tax.
If she goes into a care facility she would be expected to use up all her available funds before Medicaid would kick in. That would include money received from land sale.
Sounds like she may need funds for future use and decided to take advantage of lower capital gains and a strong land market. Good for her and a chance to buy a farm for you. Win win. | |
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Selling a farm, capital gains questions
