Inherited Farm Land
Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
TurboTax has you covered during Covid. Get the latest stimulus info here.
Showing results for 
Search instead for 
Did you mean: 
New Member

Inherited Farm Land

Is inherited farm land which was rented and continued to be rented for 5 years and then sold considered a business when property is sold and Capital Gains is being calculated?

2 Replies
Employee Tax Expert

Inherited Farm Land

Yes, you derived income from it so it is business property and if you have a gain, it is a capital gain.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
New Member

Inherited Farm Land

No, I didn't get the answer in timely manner.  In the past when I needed an answer I got a popup and talked with someone right away.  This new process didn't work for me and wherever I have to go to cancel the charge of $50 a month I would like that information.  I managed to get the answer I needed by other means.  I've used Turbo Tax for years and this is the first time I was disappointed in the results.  

Dynamic AdsDynamic Ads
Privacy Settings