Fact Sheet: Estimating potential capital gains tax liability

Capital gains tax liability can be a major issue for agricultural landowners looking to sell property. Determining the value on which taxes may be figured can be difficult, particularly when the land was inherited decades ago and the basis may not be known. With this in mind, Dr. Terry Griffin, assistant professor of Ag Economics at Kansas State University and Tiffany Dowell Lashmet, agricultural law specialist for Texas A&M AgriLife Extension, put together a fact sheet to help landowners with this issue. Read more…