Question:
I have a piece of agricultural land that my father left me 18 years ago. It has not been farmed in that time. The land is in my name, and I do not work. I am married. A developer is interested in this land, and I wonder what tax we would pay on the sale of this land?
Arthur Weller replies:
There would be capital gains tax based on the difference between what the developer paid you, and what the land was worth when you acquired it 18 years ago.
