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Business & farm
It depends. Was the farmland rented by the tenant in 2023? Was the farm being irrigated? If there was any sort of activity for this property, you should include this on your 2023 tax return. This would be a Farm Income, which is reported on Schedule F.
But if you inherited the property and left it fallow (no activity at all), you can wait to include the farm rental on your 2024 return.
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‎January 29, 2024
11:24 AM