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March 12, 2022
Question

I rent out farmland for $1,500 annually and just bought it in 2021 in Oklahoma. The "Rental Property" section requires an address. Where should I put this?

  • March 12, 2022
  • 1 reply
  • 0 views
I bought old family farmland from an inheritance that me and my sister's acquired when my father passed away in 2020. I bought them out on the 75 acres and paid 2021's taxes although the sale had not gone through completely. It is a tiny income and expenses but want to put it in the right spot.

1 reply

ColeenD3
March 12, 2022

Property taxes paid prior to purchase are an adjustment to the basis of the property, not an expense. Add that amount to the cost of the property.