My aunts, and uncles, and I recently inherited farmland from a will from my great-grandmother that was wrote up in the 80's. My aunts and uncles want to sell, but I don't want to sell yet. I am trying to figure out the capital gain tax before hand since I want to minimums this tax since I have no job right now, but I am not getting a clear enough answer from anyone even from my other family member's lawyers and even CPA's that I have talked too. Plus it sounds like I could be forced to sell since my other family members want to sell. Here is the issue. I got the farmland once my mother pass away, but my mother passed away before my grandmother, and my grandmother wrote as the life estate of the farmland till she pass away. From what I understand, the capital gains is the difference from one date to the date of sell. I am trying to figure out what that date would be. I have even heard the date could be even when my distant family got the farmland really long time ago. That is the confusing part that people are running.
