Legal Question in Tax Law in Illinois

my wife 63 has been deeded 80 acher farm illinois. this land has been held in trust since 1970 my wife has not worked in 12 years what would her capital gains tax rate be if she were to sell land? ps we live in mississippi

Asked on 9/04/13, 1:10 pm

1 Answer from Attorneys

Virginia Prihoda Law Offices of Virginia Prihoda
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Your wife would calculate gain or loss as the difference between the net selling price of the property and the property's tax basis. There may not be any gain if the basis of the property is determined with reference to the fair market value on the date of the decedent's death (generally the basis for inherited property). It's not clear what the basis of the property is--a review of the technical mechanism by which your wife acquired the property is necessary for a sound opinion. Take your information to a tax attorney or a tax accountant for a precise answer.

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Answered on 9/04/13, 1:50 pm

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