The farm land can be reported on your Schedule F or Form 4835. Add the asset to your business activity, then report the sale of the asset.
On an individual Form 1040, farm activity is reported either on a Schedule F or a Form 4835. A Schedule F is where active farmers report, and Form 4835 is for inactive farm landlords.
In TurboTax Online Self-employed,
- Go to Federal / Income & Expenses / Your income and expenses / Rentals, Royalties and Farm / Farm Income and Farm Rental.
- Click Start / Edit / Add to the right of Farm Income and Farm Rental.
- Under Your Farming Income and Expenses, scroll down to Farm Assets.
- Click Start / Update to the right.
- At the screen Farm Asset Summary, click Add an Asset.
- At the screen Tell Us More About This Farm Asset, click The item was sold, retired, stolen, destroyed, disposed of, converted to personal use, traded in, or given away.
The asset can also be reported under Sale of Business Property. Go to Federal / Income & Expenses / Your income and expenses / Other Business Situations / Sale of Business Property.
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