How do I classify on Turbo Tax Business the asset of just land?
02719
2 Replies
Anonymous_
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.
Hal_Al
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.