what are the steps to enter farm land as an asset without depreciation on depreciation?

[ColeenD3]

You wouldn't. Only enter assets that you can depreciate. When and if you se,, you can record the cost and sales price to determine gain. If you were to put a building on the land, you would then include land as separate from the building.

[bennyb]

There is drain tiling being deprecated on the farm land.  I am depreciating that.  My prior tax man has put the land value on depreciation too.- even though land is not depreciated.  What are the steps to adding the farm land to depreciation?

Thanks 

ben b

[Irene2805]

It's OK to depreciate the drain tiling.  Depreciation is a way to let you deduct the "used up" portion of an asset's cost every year.

HOWEVER, land does not depreciate and should not be entered as a depreciable asset.  

Please see these publications for additional information:

• Instructions for Form 4562
• Publication 946, How to Depreciate Property  (currently being edited for Tax Year 2020)