We bought a piece of land in 2024. Plan is to eventually build on it in a few years after our kids are out of school (youngest will be entering 6th grade this fall). Currently, the land is being farmed by a local farmer. The previous owner had a contract with the farmer for doing this, and we plan to continue letting them farm the property with a contract until we get ready to start building. So, there eventually will be a very small 'income' from the contract. How can or should we report all of this purchase? TIA!
