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 - Search For Spares - by Anthony West (UK). Following on from the aquisition of the old Fordson F, I was very much in need of spares. As a novice though I didn't appreciate the fact that there were so many Fordson tractors made, that all the other makes seem rare by comparison. As far as I was aware a fordson was a fordson and it was only through trial an
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