If you still own the farm as an individual, you would definitely report this activity on Schedule F of your tax return. Your sister would not report any income or loss for the farm on her personal tax return.
In order to report the farm under your LLC, you would need to transfer title to the farm into the name of the LLC. In this case, you and your sister would split the net income (or loss) according to the ownership percentages for the LLC.
If you have not made an election for your LLC to be treated as a corporation, the IRS assumes that it is a partnership. As such you are required to file Form 1065 Return of Partnership Income. You can do this using TurboTax Business.
Additional information: IRS: Limited Liability Company (LLC)
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