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How do I report inherited farmland that I rented and was sold for a loss?
I inherited farm land that I rented to a farmer for 16 years. A retrospective appraisal indicated that the property lost value over the years. Turbotax won't let me enter this as an investment, as it deletes the information as soon as I say that it was rental property. It won't let me enter it as rental property either, because I didn't have any income from the property during 2017.
How should I report this? Should it be reported? Can I claim a deduction for the decline in value?
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Investors & landlords
Yes, you do have to report the sale of your inherited property. Your gain or loss on the sale will be calculated by subtracting your cost basis in the property from the sales proceeds.
- Report your sale under Less Common Business Situations, under Sale of Business Property.
- On the Screen Any Other Property Sales, check Sales of Business or Rental Property that you haven't already reported.
- On Sales of Business or Rental Property click No, because you didn't sell at a profit.
- On Sale of Other Business Property say Yes.
- Continue to enter your description, cost basis, and sales information.
I entered a sale for an inherited farm, with an inherited value of $50,000 and a sales price of $30,000.
[Edit 04/04/2018 12:33 PM]
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So then, I went over to the business income page and it tells me to delete that as well, because there was no income for 2017.
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This still doesn't work even if I select Visit all for the Less Common Business Situations