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Returning Member
posted Sep 6, 2019 8:21:23 PM

How do I classify on Turbo Tax Business the asset of just land?

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2 Replies
Level 15
Sep 7, 2019 9:17:17 AM

Classify in what way and for what purpose?

 

Land is an asset and although typically held as "investment property" (except where it is held for personal use), it is not subject to deductions for depreciation.

Level 15
Sep 7, 2019 9:17:46 AM

Land is classified as "land".  Land is not a depreciable asset  and it is usually not entered anywhere on your tax return or in TurboTax.

How are you using your land, in your business?