| Consult with your tax attorney. Long-term capital gains tax is generally calculated on the difference between what you sell it for and your cost basis and based on your income level. If the sale puts you in a higher income bracket, then taxes are owed. Because of changes in capital gains tax rates over the years, you could be taxed at a combination of rates.
Work with a tax professional so that all ramifications of the sale of the land are taken into consideration. Most farmers selling farms price at a level to offset capital gains tax. Buyers can afford it because they are going to develop the land for commercial or residential purposes. | 
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