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Selling proceeds are not taxable -
but you would need to report the sale transaction and calculate the gain - the gain will be added to your taxable income.The farm might include several assets - and you will report as a sale of separate assets where the farm land most likely is the most valuable asset.
You would need to apportion the sale price to each asset.
The gain is calculated as (selling price) MINIS (adjusted basis)The basis is generally original purchase price plus improvements - but if the property was inherited - the basis is determined as the fair market value at the time the decedent passed away.
So - these would be first steps - (1) allocate the sale price among all assets; (2) determine the basis separately for each asset (3) calculate the gain for each asset.
Reporting might be different if you were running a farming business or if the farm was used as an investment property.
Let me know if you need any help with reporting.
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