topic Please help farm question in Business & farm

Please help farm question

cdstepper — Fri, 16 Oct 2020 01:15:18 GMT

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.

Re: Please help farm question

Critter-3 — Fri, 16 Oct 2020 01:22:16 GMT

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.

Re: Please help farm question

cdstepper — Fri, 16 Oct 2020 01:32:40 GMT

Would I enter it as non residential?

Re: Please help farm question

Critter-3 — Fri, 16 Oct 2020 01:50:09 GMT

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.