farm/home

Forum|Forum|4 years ago
April 7, 2022
1 reply
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how to report sale of farm and main home sale attached. what form for farm

ProSeries Professional

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dd4vols

Intuit Community Champion

Several issues here...

Is it a real farm...not just a little cottage farm with minimal assets?

If so, you might get by with including it all on the Sale of Personal residence, if the other factors are in line, like 2out of last 5 years, etc. Having separate deeds for the purchase of parcels, could be a problem, but not always will be.

If it's a real farm, and it has had depreciable assets (see previous Sch F), then you will report the land part of the farm sale on Sch D, and the depreciable assets part on Form 4797, where you have to recapture the depreciation previously taken. This will entail allocating part of the farm sale to each of the depreciable assets included in the sale..

And if you are lucky, it won't be an installment sale, and you won't have to get form 6252 involved.

good luck

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MGC94Author

Level 7

What if I report the house and farm on 4797? as it is a loss. I can make it wash for just $0. Only 1 thing deprecated ever on the farm for $7,950 a tractor in 2010.

dd4vols

Intuit Community Champion

there is NO loss for the sale of a personal residence.

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