Question

I purchased a property in 2021 that included both a rental house as well as farm (hay) ground. Can I list these separately or do I have to pick between? Thanks!!

Forum|Forum|4 years ago
April 11, 2022
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@jimlitts , of course you can --- just need to allocate your purchase price ( which becomes your basis in the asset ) between the (a) house with land associated with it and (b) farmland ( just land ) as an income property/ farm . Once the allocation is done , you should maintain this separation --- including when you sell the assets.