neilbrink Posted March 6, 2015 Report 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
neilbrink Posted March 7, 2015 Author Report Posted March 7, 2015 It is showing up as "Net Operating Loss Carryover" under Code 11D. Does this sound right? Quote
DANRVAN Posted March 9, 2015 Report 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
neilbrink Posted March 9, 2015 Author Report Posted March 9, 2015 No drought. I think they were in a hurry to sell. Quote
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