Where do I enter the sale of my farm on home and business?

[DianeW · Accepted solution]

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.

• Search for farm income > Jump to farm income
• Edit your farm > Update farm information to select "I sold or otherwise disposed of .....in 2017"
• Go back to select Farm Assets and go through each one to mark it sold in 2017
• Click the images attached to enlarge and view for assistance

For farm assets that are no longer listed in the farm section please use these steps.

• Search for sale of business property > Jump to sale of business property
• Continue to enter your sales (includes business land if applicable)
  
• Click the image attached to enlarge and view for assistance.

Please use the following steps to report the sale of your home (your residence).

• Search for sale of home > Jump to sale of home

Note: If you made money on the sale of your house, we can help you find out if this profit is tax-free, up to $250,000 ($500,000 for married filing jointly).  TurboTax will walk you through the questions to help you make this determination.

[klwest58]

I sold my farm that included my home - the farm buildings were fully depreciated years ago but I have no idea what that amount was - how can I report depreciation to recapture?  I have 499,100 invested in both home and farm and sold for 388,000.  House alone was valued at 275,000 and remaining to farm buildings that were poultry houses.  The home and poultry houses were built in 1983 so the useful life of the poultry houses is over.  Any assistance?  Thanks in advance.

[RobertB4444]

@klwest58  You're going to enter the sale price as the price you received for the whole property (minus the portion that is your personal residence).  Then you will enter the adjusted cost basis as what you paid for the undepreciated property.  Then you can enter the amount that you paid for the depreciated property as the accumulated depreciation.

You also get a primary residence exclusion for the house.  So make sure to remove the residence off of the sale total and enter that portion as the sale of your home.