inhertance farm sold
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Level 1

inhertance farm sold

I was one of six of my family that inheritance of our family farm ,we had it appraised right away in 2008,  the farm property was sold 4/2019 . don't understand if I can use  2008 price as purchased price or not? have a lot of expense in selling and lawyer bills due to a court case over it? I understand I only claim 1/6th of everything. any advice is helpful thanks  

4 Replies
Expert Alumni

inhertance farm sold

Your basis in inherited property is equal to the fair market value on the date of death. 

 

So the 2008 appraisal is treated as the price you paid for it.

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Level 1

inhertance farm sold

Which form do I use to show loss on farm land sale?

Level 1

inhertance farm sold

Which Federal tax form do I use?

Expert Alumni

inhertance farm sold

Gain or loss is computed on your cost basis, what you originally paid for it, the fair market value of it as of the date of death (if you inherited  the property) or the giver's basis (if you received the property as a gift).

 

To report this sale in TurboTax  follow these steps.

  • Go to Federal Taxes and Choose Wages and Income.
  • Scroll to Investment income, and choose Stocks, Mutual Funds, Bonds, Other.
  • On the  screen Choose the type of investment you sold choose Everything Else.
  • On the screen Tell Us How You Acquired This Property choose Inheritance. And continue answering the interview questions.

TurboTax will complete  Form 8949, Sales and Other Dispositions of Capital Assets, to report your gain or loss from the sale.

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