We have farmland we inherited back in 2001. My wife's brother has been farming it since 2001. We now decided to sell it to my wife's brother who actually farms it for us. I know we have to pay capital gains, but we are also doing contract for deed to spread out his payments over several years instead of a lump sum to help him out since it is a nice chunk of money.
What sections will we need to fill out in Turbotax to show we sold it for a price compared to what it was worth in 2001? And then how do we declare we are not getting the full amount and only partial payments for several years.
I would like to keep using TT for this, but if you think it is too complicated, I can turn it over to a professional in town to do it.
I have tried several scenarios in an older copy of TT just to see how it would work, but I don't think I've been doing it properly.
Any advice would be greatly appreciated.
