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March 2, 2024
Question

Where to report sale of farm

  • March 2, 2024
  • 1 reply
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My husband purchased land in 1978, rented out half for farming.  My husband passed away in November of 2022 and I sold the land in January of 2023.  The farm was in a trust and ownership transferred to me upon his death.  There was no gain on the sale as the cost basis was higher than the net sale price.   How do I report the sale on my tax forms?

    1 reply

    March 2, 2024

    Because these types of sales are considered investment sales, you need to enter this info in the investment section of TurboTax. Select the product you’re using for the right instructions.

    You’ll have to use TurboTax Premium to report the sale of a second home, an inherited home, or land.

    TurboTax Online

    TurboTax Desktop

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