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I inherited half a farm. Turbotax "Asset Summary"shows years to depreciate, and gives a depreciation amount. How can I change this? Farm land doesn't depreciate.
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June 5, 2019
11:27 PM
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Deductions & credits
You need to input the "land" separately from any other asset. If you are setting it up as a "Farm" then you will indicate in the "Describe This Asset" section of "Farm Assets" that the land is "Real Estate Property". This will not be depreciated. See screenshot attached.
June 5, 2019
11:27 PM