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toanca12
New Member

How do I claim T657, capital gain deduction on disposal of a qualified farm? Schedule 3, line 25400 on return. I was a qualified farmer.

Do I have to pay extra for this clarification?
Thank you
1 Reply
Kyle_12
Level 5

How do I claim T657, capital gain deduction on disposal of a qualified farm? Schedule 3, line 25400 on return. I was a qualified farmer.

To claim the capital gain deduction on the sale of a qualified farm, follow the steps provided below:

  1. At the top right-hand side of your screen, click on the "Find" icon with the magnifying glass.
  2. The Find window will appear, in the search box type in "Capital Gains and Capital Gains Deduction Profile", select it from the results, and click on "Go".
  3. You will come to a page where it will say "Select all of the checkboxes that apply to you".
  4. Select the "Claim Capital Gains Deduction on sale of Qualified Farming property, Fishing property, or Qualified Small Business Shares" checkbox and any more that apply to you.
  5. You will then select the "Enter More Years" option at the bottom right of your screen.
  6. You will then enter your eligible taxable capital gains as reported on Form T657. Once finished you will select "Continue"
  7. Select "Done with Capital Gains", enter any necessary information if needed, then you will come to a page where it will ask to "Enter the amount you wish to claim on your 2020 tax return." once you have entered the amount select "Continue" and you are finished.

Thank you for using TurboTax.

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