Abbreviated summary:
Family Farm occupied by inlaws for 25 years
Father in Law passes in 2011; farm and land re-deeded to mother-in-law and 3 adult children
Family farm remodeled in summer 2014 for upcoming sale - $26,000
Family farm sells Nov 2014 - Home $150,000; land $175,000
Two investment accounts set up, both in the 3 adult childrens names
1st account housed a majority of mother-in-laws net from proceeds, with the goal of becoming sole possession of children after 5 years (income shelter for mother-in-law)
2nd account in 3 adult childrens names was there income from the sale
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Taxes - 2014?
Capital Gains for anyone?
Thanks