Inherited Farm Land
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waltonp45
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
ColeenD3
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.

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waltonp45
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.  

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