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gfpstaxes
Level 5
March 5, 2020
Question

How Do I enter the sale of farm land? It won't go on an asset entry sheet because it doesn't depreciate

  • March 5, 2020
  • 9 replies
  • 68 views
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9 replies

cpapuffer
Level 2
March 5, 2020

Yup ... you can enter it on the asset entry sheet ... just need to enter cost as 'cost or other basis' AND again as 'land included in cost'.  Then, drop down to dispositions and enter the 'land sales price' . Gain will show up on 4797.

    gfpstaxesAuthor
    Level 5
    March 5, 2020

    What type of asset should it be?

    gfpstaxesAuthor
    Level 5
    March 5, 2020

    ProSeries won't let me enter the same amount in 'cost or other basis' AND 'land included in cost'

    Perhaps I should explain that the farm is on 16 acres of land, but they only sold 5 acres of it.

    dd4vols
    dd4volsIntuit Community Champion
    Intuit Community Champion
    March 5, 2020

    Schedule D

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