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 - A Belt Pulley? Really Doing Something? - by Chris Pratt. Belt Pulleys! Most of us conjure up a picture of a massive thresher with a wide belt lazily arching to a tractor 35 feet away throwing a cloud of dust, straw and grain, and while nostalgic, not too practical a method of using our tractors. While this may have been the bread and butter of the belt work in the past (since this is what made the money on many farms), the smaller tasks may have been and still can be its real claim to fame. The thresher would bring in the harvest (and income) once a y
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