Sale of Rental Farmland

Forum|Forum|2 years ago
March 25, 2024
1 reply
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In 1990 I bought a farm and farmed it myself through 2006. The purchase included the land itself and some improvements that I depreciated. In 2007 and subsequent years I rented the farm out and was just the landlord for the property and received a crop share rent as well as participated in some of the farming expenses. I sold the farm in 2023. I cannot figure how to get to the TurboTax screen that allows me to enter this sale. I've tried some of the options but none seem applicable. I can't even find the information I partially entered.

TurboTax Home & Biz Windows

PatriciaV

Employee

Please clarify how you have been reporting the farm rental income in the past. This will affect how you report the property sale.

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CottonFarmerAuthor

I've reporting it on Form 4835.

DianeW777

The sale can be entered using the following steps below. Be sure to have your cost basis, improvements cost and all depreciation that was used on the farm / farm rental for any assets you sell with the farm land. Once you have the information you can make your entry.

If you have any assets in the farm rental you should remove them from service on the date of sale and select they were converted to personal use. This will remove them from your return but allow you to enter the sale as indicated below.