Category Archives: Farm and Farming

Giving Away the Farm

Today TaxMama hears from Richard in the TaxQuips Forum who is generous to his son. “My Son retired from the Army and moved into a house that is on a small farm I inherited. He wanted to make improvements to the house and didn’t want to wait until we passed on to the happy “hunting ground” […]

He Bought the Farm

Today TaxMama hears from Barb in the TaxQuips Forum with a simple question.  “The farmer is selling his farm, and everything on it, to his son for $1.  The basis of the farm and the machinery is approx $100,000 and FMV approx $510,000. How do I file their Form 4797?