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How do I claim money from the sale of crops that I inherited?

I am now part owner of 1/10 of each acre of farmland.  I inherited this.  I was given a check for the sale of crops.  How do I claim this on my taxes?
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2 Replies
PatriciaV
Employee Tax Expert

How do I claim money from the sale of crops that I inherited?

Agriculture (growing & selling crops) is considered farming, so you would report the activity of your farmland on Schedule F. You will find the Farm Income & Farm Rental section under Wages & Income of TurboTax.

 

The easiest way to find this area is to use the Search box at the top right of the TurboTax header. Enter "farm income", then click on the "Jump to farm income" link.

 

Follow the prompts to enter information about your farmland, the income you received, and any expenses you paid. This will be reported on Schedule F of your federal tax return.

 

Click this link for the IRS Farmer's Tax Guide.

 

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Hal_Al
Level 15

How do I claim money from the sale of crops that I inherited?

This is more like farm land rental than actual farming.  Schedule E of form 4835 is probably more appropriate. 

In TurboTax (TT), enter at:
- Federal Taxes tab

 - Wages & Income

-Scroll down to:

    -Business Items

      -Farm Income and Farm Rental

 

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