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My mother in law inherited unimproved property 40 years ago. She wants to sell it now. She’s concerned about taxes. Will she have to pay capital gains tax, and if so, what is the rate?

My mother in law inherited unimproved property 40 years ago. She wants to sell it now. She’s concerned about taxes. Will she have to pay capital gains tax, and if so, what is the rate?

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I know in one case where they refinanced several times (pulling out value each time), capitol gains were close to 50% wiping out all the money after paying off the loan. Or at least that's what they said.

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Thankfully she’s just going to sell. She’s never used the property for collateral. It’s never been refinanced since she inherited it and there was never any kind of lien on it.