Local bar owner looking to sell, tax implications/capital gains amounts if owner lives in property (and has for 40 years)?

[Justin Polston]

Hi all, I listed a local bar/tavern recently and the owner lives in the upstairs and has for quite some town. When the property sells, what are the tax implications for the seller? There are no liens, mortgages, or encumbrances to pay off. She stands to clear $200,000+

The owner is also considering implementing a trust for a daughter and including this large piece of downtown property in it. I told the seller this would help protect from many types of taxes hen there is a sale possibly, but how can the seller pull out funds to live on after the sale or AT sale?

Thanks for any insight/input on this!