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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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.
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]
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.
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]
This still doesn't work even if I select Visit all for the Less Common Business Situations
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