My question involves real estate located in the State of: Minnesota.
In 1988 my 4 siblings and I were gifted a remainder interest in my family's farm. My mother had and still has a life estate in the property. The property was valued at $6600 in 1988. My remainder interest covered 1/5 of the property. My mother was 58in 1988.
In 1994 my siblings and I were gifted a remainder interest in another piece of the family farm. My mother had and continues to have a life estate in the property. The property was valued at $113,000 in 1994. My remainder interest covered 1/5 of the property. My mother was 64 in 1994.
In 2008 I sold all of my remainder interests to my sister. The farm was assessed at a value of $665,000. My remainder interest covered 1/5 of the farm. I sold my remainder interest to my sister for $60,000.
I need to determine the value of my remainder interests in the two pieces of property when they were given to me in 1988 and 1994 in order to calculate the capitol gains tax I need to pay this year after selling my interests for $60,000.00. This is especially difficult because some of the land is "farmable" and has always been rented out and parts of the farm are in "set aside" acreage earning an annual payment from the U.S. government as land held for conservation.
I need help determining the value of my remainder interests when they were given to me. Thanks!

