Can I add a land purchase to my tax report?

2011jsd — Mon, 23 Feb 2026 12:54:02 GMT

Re: Can I add a land purchase to my tax report?

ErnieS0 — Fri, 10 Feb 2023 00:40:10 GMT

It depends on what you did with the land. You can deduct property taxes and possibly interest if you financed your purchase.

You can deduct property taxes in Deductions & Credits if the land is either personal or investment property. You can deduct investment interest up to the amount of your investment income if this is an investment property.

Type property taxes in Search (magnifying glass) in the top right
Select Jump to property taxes
On “Did you pay property or real estate taxes?,” select YES
On “Enter the property tax you paid in 2022” put your property tax in the right box

If you made money off the land — for example, renting the land or selling crop or timber — then you will report the income and deduct business expenses including property taxes and interest.

Where to enter this in TurboTax depends on business use.

Re: Can I add a land purchase to my tax report?

Mike9241 — Fri, 10 Feb 2023 00:42:38 GMT

most likely it does not and even cannot be entered anywhere on your return except if your renting it. but to be sure what is it use or purpose?

topic Can I add a land purchase to my tax report? in Deductions & credits

Can I add a land purchase to my tax report?

Re: Can I add a land purchase to my tax report?

Re: Can I add a land purchase to my tax report?