minimize capital gains tax on sale of appreciated farm land
My father, who is nearing 80yrs and in reasonably good health, wants to sell 52 acres of farmland. It was purchased 45 years ago @ $250/acre and is now worth $5,000/acre. He's interested in providing seller financing over 10 years for the income stream. He'd like to minimize his capital gains tax. Any thoughts on strategy to reduce taxes? Subdivide and sell parcels in different years to stay in a lower tax tier? suggestions welcomed.