My wife inherited 80 acres of farm land 20 years ago. She wants to sell it for 400k . Does the sale get treated like nomal captial gains.
yes her capital gain will be the $400K less selling expenses less the date of death fair market value.
She doesnt have any income. Should we file "Married filing separately". My Income in 2021 is 240k. 2022 it will be 150k. which year should we take the capital gains and file separately?
a great question, we can't answer. we don't know enough about your tax situation to give you a recommendation but generally filing jointly will be better. get the desktop software that will allow you to do separate computations of MFS vs joint filing. the other issue is no one knows what the tax laws will be in 2022. an economic issue is how will the sales price be affected by various events such the pandemic, inflation
