It depends on what you did with the land. You can deduct property taxes and possibly interest if you financed your purchase.
You can deduct property taxes in Deductions & Credits if the land is either personal or investment property. You can deduct investment interest up to the amount of your investment income if this is an investment property.
- Type property taxes in Search (magnifying glass) in the top right
- Select Jump to property taxes
- On “Did you pay property or real estate taxes?,” select YES
- On “Enter the property tax you paid in 2022” put your property tax in the right box
If you made money off the land — for example, renting the land or selling crop or timber — then you will report the income and deduct business expenses including property taxes and interest.
Where to enter this in TurboTax depends on business use.
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