We purchased 50 undeveloped acres 2015 and have a mortgage on the land. At the beginning of 2017, this was raw land with no utilities, and no access. We brush-hoged, built a driveway, then began construction early 2017. We began living at this location in July 2017. All construction and land improvement costs (aprox $160,000) were paid for out of pocket. This barn is now our residence.
Are any of the expenses for improvements and management to the land deductible / depreciable?
Thank you.
