Hi, and thanks for any help you can provide! I owned a farm last year that consisted of a house (that I lived in as primary home), some farmland, and a large greenhouse. I operated as a sole proprietor LLC. The IRS considers this a "Pass thru" I guess. On my taxes I've always filled out a schedule F for farm operations. With the sale of the "business", I'm trying to determine how to price things. I paid $500k for the property and house (no greenhouse at the time I purchased), and spent $200k to build the greenhouse = total investment in house and business of $700k. I sold the whole thing (house+land+greenhouse) for $600k.
So, the questions is, since part of the purchase and sale was for my "home" and part for my "business", do I have to try and somehow separate out those costs in my schedule F, or do I just call the whole thing my "business" and use the total numbers?
Thanks again!