Capital Gains On Life Estate
If we sell my mother's property that currently is in a life estate (she has not died - only moved off the farm), what is the capital gain rate that is paid - does it go according to our income? We have had the life estate for 7 years.
Who owns the property, and who owns the life estate?
If your mother owns the life estate, then I suspect that some trust holds title to the property. At the end of the life estate (your mother's death or when she moves out of the property), title passes to the trust beneficiaries. Your mother may not actually have any title interest in the property to sell.
Consult your attorney to determine what actions are available to you.