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MGC94
MGC94
Level 7
March 16, 2022
Question

Farm/Main home sale

  • March 16, 2022
  • 1 reply
  • 5 views

Client owned an income producing farm. Filed a schedule F. Their farm is also their main home address. They sold for $700,000. MFJ. Sold their main home over 20 years and moved. How do I report this sale? 

 

Thank you 

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1 reply

dkh
dkh
Level 15
March 16, 2022

You will need to allocate the selling price & costs between principal residence/land and farm buildings/land.

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