Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

Farm/Main home sale

MGC94
Level 7

Client owned an income producing farm. Filed a schedule F. Their farm is also their main home address. They sold for $700,000. MFJ. Sold their main home over 20 years and moved. How do I report this sale? 

 

Thank you 

0 Cheers
1 Comment 1
dkh
Level 15

You will need to allocate the selling price & costs between principal residence/land and farm buildings/land.