TurboTax insists on inserting a figure for depreciation on raw land that was rented There are no structures of any kind. Shouldn't this be zero?

Forum|Forum|4 years ago
February 12, 2022
3 replies
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This is on Schedule E

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MinhT1

Level 15

Raw land is not depreciable.

Please verify that when entering the raw land as an asset in TurboTax, you have correctly specified the asset category to be Land.

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rclerk-aol-comAuthor

Level 2

On Schedule E, Line 1b, Property "B" is identified as type "5" , which is the code for land. Yet Turbo
Tax insists on inserting a figure for depreciation in line 18 for property B. How can that be?

KrisD15

Level 15

If the land is suppling timber or minerals, there would be depletion.

Is this your situation?

According to the IRS:

"If you have an economic interest in mineral property or standing timber, you can take a deduction for depletion. More than one person can have an economic interest in the same mineral deposit or timber. In the case of leased property, the depletion deduction is divided between the lessor and the lessee."

IRS Pub 535

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