turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

rebel0428
New Member

Our home is included in the real estate taxes that we pay because it is on the same parcel as the rented farmland. What % of the total is the farmland?

We have 20.967 acres and approximately 12.3 are farmed.
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions
PaulaM
Employee Tax Expert

Our home is included in the real estate taxes that we pay because it is on the same parcel as the rented farmland. What % of the total is the farmland?

You will need to allocate the portion based on the value of the home versus the value of the farmland. Contact your local tax authority for the current value of farmland per acre to calculate the percentage accurately. 

The ratio 12.3/20.967 is not an accurate assessment.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

1 Reply
PaulaM
Employee Tax Expert

Our home is included in the real estate taxes that we pay because it is on the same parcel as the rented farmland. What % of the total is the farmland?

You will need to allocate the portion based on the value of the home versus the value of the farmland. Contact your local tax authority for the current value of farmland per acre to calculate the percentage accurately. 

The ratio 12.3/20.967 is not an accurate assessment.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question