If the property was worth $80K at the death of the prior owner, then your gain is $240K. Federal Cap gains rate is 15%, so the federal tax is about 36K.

States do not have a separate capital gains tax rate, so it just goes in with all your other income. Not knowing your other income, the maximum MN rate is 7.85% on all income over $134K. The tax rate is 7.05% of the amount between 33K and 134K, so figure on amount 7.5% on average.

That assumes you file jointly. If not, the tax rates start at a lower income.

Of course, this will give you a MN tax of about $18K, which is then deductible on the following year tax return. This will save about $2400 to $4500 in federal tax in the following year.

Joint tax rate for what?

And do you mean "effective" tax rate?

There is no 6.07% tax rate in America.

Effective tax rate = total income tax divided by Adjusted Gross Income

It is what I indicated above. Just total income tax divided by AGI.

It does not tell me anything really useful or that would change my answer further up.

Have a profitable day!