Qualified farm property includes land, buildings, capital stock in family-farm corporations, interest in family-farm partnerships, and capital property such as milk or egg quotas. Qualified fishing property includes land, sea vessels, and eligible capital property such as fishing licenses.
Following are the instructions for how to claim it:
Before you begin, be sure to calculate your proceeds of disposition and adjusted cost base
- Proceeds of Disposition – The proceeds of disposition is the price you sold the property for plus any fees associated with the sale
- Adjusted Cost Base. The adjusted cost base is the price you paid for it plus any capital improvements that you made
Please follow the steps below:
- Click on the Income tab and select Investments or Select Find from the menu and enter capital gains
- Select Capital Gains and Capital Gains Deduction Profile
- On the Your Capital Gains Profile screen, follow the instructions to report your gains or losses
- Check the box Claim Capital Gains Deduction on sale of Qualified Farming property, Fishing property, or Qualified Small Business Shares. A screen will open up allowing you to input information.
For more related information, please read our TurboTax articles:
The Capital Gains Deduction
Claiming the Lifetime Capital Gains Exemption (LCGE)
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