<p>How does a parent enter farm property? My siblings and i inherited the family farm after the death of our parents. We have a partnership and receive a K-1 statement for tax purposes.
The land is rented out for farming. Is this considered an "Investment Farm" or "Asset"? It may be worth some money someday, but right now i receive only about $3200 in income a year from the rental activity. where do I put this or do i not include it since the K-1 is already on my tax return?</p>