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.

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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.

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