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dritz
New Member

Can vancant land purchase be deducted as an expense on Schedule C

The land is being used for material storeage

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Rick19744
Level 12

Can vancant land purchase be deducted as an expense on Schedule C

No.  Land is capitalized and no depreciation allowed.

*A reminder that posts in a forum such as this do not constitute tax advice.*

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1 Reply
Rick19744
Level 12

Can vancant land purchase be deducted as an expense on Schedule C

No.  Land is capitalized and no depreciation allowed.

*A reminder that posts in a forum such as this do not constitute tax advice.*
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