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csewell56
New Member

Investment for land

I recently purchased land as an investment..  Can the cost of the land be used as an expense?

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‎April 13, 2020 8:38 AM
last updated ‎April 13, 2020 8:38 AM
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DMarkM1
Employee Tax Expert
Employee Tax Expert

Investment for land

No that is not an expense.  The cost of the land is your basis in the property.  When you dispose of the property at sometime in the future that cost basis will determine your gain or loss on the disposition.  

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‎April 13, 2020 10:28 AM
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