neilbrink Posted March 6, 2015 Report Share Posted March 6, 2015 The only income received in the final year of the estate, was interest income of $121, and the sale of farm land that resulted in a $158,000 loss. Does the Farmland sale transaction go on the Form 4797, and should the loss be flowing through to the k-1s? Quote Link to comment Share on other sites More sharing options...
michaelmars Posted March 7, 2015 Report Share Posted March 7, 2015 yes Quote Link to comment Share on other sites More sharing options...
neilbrink Posted March 7, 2015 Author Report Share Posted March 7, 2015 It is showing up as "Net Operating Loss Carryover" under Code 11D. Does this sound right? Quote Link to comment Share on other sites More sharing options...
DANRVAN Posted March 9, 2015 Report Share Posted March 9, 2015 Yes, if it was business property it would flow through as an ordinary loss. If investment property then capital loss. That sounds like quite a loss for inherited farm property, is this in a drought area? Quote Link to comment Share on other sites More sharing options...
neilbrink Posted March 9, 2015 Author Report Share Posted March 9, 2015 No drought. I think they were in a hurry to sell. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.