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  • May 22, 2007, 10:00 AM
    greeny27
    capital gains
    I inherited farmland from my grandfather but it was a life estate for my mother first. Now that she has passed, when I sell this land do I pay capital gains on the value at my grandfather's death or my mother's death? My grandfather's death was before the unified transfer tax system.
  • May 22, 2007, 10:05 AM
    GV70
    Quote:

    Originally Posted by greeny27
    I inherited farmland from my grandfather but it was a life estate for my mother first. Now that she has passed, when I sell this land do I pay capital gains on the value at my grandfather's death or my mother's death? My grandfather's death was before the unified transfer tax system.

    In my opinion you have to pay on the value at your mother's death...

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