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If this is your farm and you file a schedule F:
The sale of your farm should be entered under the Schedule F, profit or loss from farming, for any piece of the farm property (and/or equipment included in the sale) that is listed in that section of the return. First, you must determine the sales price for each asset, including your home.
You can use the fair market value (not appraised value) for each asset that was part of the sale and you can use the tax assessments to figure out the value of the land, farm buildings and home. Once you determine the value of each asset add them together, then divide each one by the total to find the percentage. Use that percentage by multiplying it by the full selling price to arrive at the selling price for each asset.
For farm assets that are no longer listed in the farm section please use these steps.
If this is your farm and you file a schedule F:
The sale of your farm should be entered under the Schedule F, profit or loss from farming, for any piece of the farm property (and/or equipment included in the sale) that is listed in that section of the return. First, you must determine the sales price for each asset, including your home.
You can use the fair market value (not appraised value) for each asset that was part of the sale and you can use the tax assessments to figure out the value of the land, farm buildings and home. Once you determine the value of each asset add them together, then divide each one by the total to find the percentage. Use that percentage by multiplying it by the full selling price to arrive at the selling price for each asset.
For farm assets that are no longer listed in the farm section please use these steps.
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