I have property that I inherited from my great grandfather that I run cows on and plant pecan trees. I did not purchase this property other than winning a settlement in court a few years ago. I am entering an asset:
Farm Equipment, Animals, Agriculture
Trees and Vines bearing fruit and nuts, orchards
Date planted: 03/13/2022
On the fourth page, I describe my asset, put down a dollar amount (cost).
Now it is asking me the cost of land. I didn't purchase this. What would I enter here? Would I need to do a fair market appraisal? Enter how much it is worth on the property taxes? Or leave this blank?
