Parking lots, along with fences, sidewalks, and driveways, are land improvements with a limited life. They are generally considered 15-year depreciable property.
Follow these steps to enter your parking lot:
- Click the "Business" tab in TurboTax,
- Click "I'll choose what I work on."
- Scroll to Business Assets
- Click Start on Assets Being Depreciate
- Follow the instructions on screen to enter the details of the asset
