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Sell my share of family farm
I inherited 1/6th of a farm from my father over 7 years ago. I was not involved in the farming operation. We recently sold the farm land for a profit to local farmers. I would think this would be long term capital gain, but when I answer the questions from Turbo tax, I can't answer "yes" to all the questions since the land doesn't meet the narrow definition of "certain farm land". If I answer yes, then it simply brings me to the screen to show the dates and prices which makes sense to me, but I can't technically answer yes. How do I enter this sale?
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May 3, 2021
8:45 AM