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Please help farm question
First time using turbo tax. I have a small farm. I’m using depreciation report from 2018 return. I’ve set up assets but initial purchase of land is listed in this report. How do I deal with this.
October 15, 2020
6:15 PM
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Business & farm
Land is a non depreciable asset that IS listed in the asset section however it is indicated as land which will not apply a deduction for depreciation.
October 15, 2020
6:22 PM
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Business & farm
Yes ... it is non residential but only if it is part total cost of the buildings with land included in the purchase price. If it is simply raw land with no barns or other buildings then you can skip entering in the land and keep the info in your records for later.
October 15, 2020
6:50 PM