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    Farm/Main home sale

    MGC94
    Level 7
    ‎03-16-2022 11:53 AM

    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? 

     

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    1 Comment 1
    dkh
    Level 15
    ‎03-16-2022 03:35 PM

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







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