My spouse inherited farmland mid-year 2021 that was inherited jointly to him and his two siblings upon the death of their mother. The farmland is rented out with a small portion in CRP. None of the three siblings have ever or will ever operate it. They would like to continue to rent it out at least for the foreseeable future. My spouse's brother is currently acting as "manager" with power of attorney for the deceased.
The only dollars my spouse received in 2021 for this property is $177 from the USDA for a CRP payment. He did not pay any expenses (taxes) on it in 2021 either. My brother-in-law did receive one rent payment in 2021 after the death and it has been on hold, that is, my spouse has not received his share of the dollars yet. The dollars will be distributed in 2022 (I imagine) and then we can "catch up" by reporting them on 2022 income taxes - as that is the actual year my spouse will receive them.
So, what version of Turbo Tax do I need to do my 2021 taxes when the only business income is $177 from the USDA for the CRP payment? Thank you in advance!
