turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

I am trying to enter my farmland that I rent out. Turbotax wants to make it a depreciable asset. Where do I enter it as non-depreciable?

Tell me how to get to the page on Turbotax online in order to enter this correctly
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
KrisD15
Employee Tax Expert

I am trying to enter my farmland that I rent out. Turbotax wants to make it a depreciable asset. Where do I enter it as non-depreciable?

If you are setting this up as a rental (Schedule E) select "Land" for the What Type of Rental is This?" screen

Continue through the rental profile,

enter income and expenses

 

There should not be a need to enter the land as an asset unless you intend to make improvements. Land does not depreciate so there would be no depreciation recapture to worry about when you sell the land. Capital Gain would be reported the same whether sold as a business or personal asset. 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question