My wife and I are retired and own a farm we are thinking of selling for $350,000. We intend to use that money in the following manner. To pay off the $60,000 mortgage on our daugther's residence to free it up for sale. The mortgage is in our name anyway. Next is to sell her residence to a real estate company who has already agreed to buy it and use any profit from the sale of the house along with the farm profit to buy her a NEW house. With what is left over we intend to pay off the only two remaining debts my wife and I have of about $57,000. What are the capital gain tax pitfalls to be aware of? Is this plan intelligent and workable or is there a better way to handle these two property transactions to protect us from taxes?

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