Land Purchase for business

[WAZP]

Where do I record the amount for the purchase of land in a business' name?

Thanks!

WAZP

[Mike9241]

you enter it as an asset. but it's not depreciable.  entry may be needed so the books balance. 

[CesarJ]

You enter it in the Business Assets section depending on your business type.

To enter land for business:
1. Go to the Business section of TurboTax.
2. Select Business Assets or similar entry area for your business type.
3. Add a new asset and choose Land as the asset type.
4. Enter the purchase price and date.

Land is not depreciable, so you just report the cost as your basis. This increases your asset value for business records.