Land is an asset, but it is not depreciable and there is not a deduction for the land that you can take on your return. Since it is held for investment, when you do sell it, you will then enter it and take a deduction for the cost basis.
Because you file a Schedule C, it does not matter if you purchase something in your name, or in your LLC name all assets "belongs to you" they are just used for business. So they are treated differently than your personal assets.
The one exception to this rule would be if you are in the business of buying and selling land and are holding this land as inventory. If you are, then you would enter the this under inventory by selecting the following:
- Business income and expenses
- Update/Add or Edit next to your Business
- Update or start next to Inventory/Cost of Goods Sold
- Walk through the steps of adding your beginning and ending balance of inventory/Land as well as new purchases into TurboTax.
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