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Farm/Main home sale
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MGC94
Level 7
03-16-2022
11:53 AM
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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 Comment 1
dkh
Level 15
03-16-2022
03:35 PM
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You will need to allocate the selling price & costs between principal residence/land and farm buildings/land.
