The sale of your farm should be entered under the Schedule F, profit or loss from farming, for any piece of the farm property (and/or equipment included in the sale) that is listed in that section of the return. First, you must determine the sales price for each asset, including your home.
You can use the fair market value (not appraised value) for each asset that was part of the sale and you can use the tax assessments to figure out the value of the land, farm buildings and home. Once you determine the value of each asset add them together, then divide each one by the total to find the percentage. Use that percentage by multiplying it by the full selling price to arrive at the selling price for each asset.
- Search for farm income > Jump to farm income
- Edit your farm > Update farm information to select "I sold or otherwise disposed of .....in 2017"
- Go back to select Farm Assets and go through each one to mark it sold in 2017
- Click the images attached to enlarge and view for assistance
For farm assets that are no longer listed in the farm section please use these steps.
- Search for sale of business property > Jump to sale of business property
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Continue to enter your sales (includes business land if applicable)
- Click the image attached to enlarge and view for assistance.
Please use the following steps to report the sale of your home (your residence).
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Search for sale of home > Jump to sale of home
Note: If you made money on
the sale of your house, we can help you find out if this profit
is tax-free, up to $250,000 ($500,000 for
married filing jointly). TurboTax will walk you through the questions to help you make this determination.
