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lynnm627
New Member

how can i make an election under sec 266 in turbo tax

is there a blank form in turbo tax to make an election under section 266
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6 Replies
ThomasM125
Expert Alumni

how can i make an election under sec 266 in turbo tax

No, you would have to make the election to capitalize certain costs by attaching a statement to your return and mailing it in.

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lynnm627
New Member

how can i make an election under sec 266 in turbo tax

Thanks Thomas 

TaxHelp222
Returning Member

how can i make an election under sec 266 in turbo tax

Do you have to make the 266 election/ statement every year?

Or once you make it, can you just continue to capitalize property taxes and HOA fees on vacant land?

KeshaH
Expert Alumni

how can i make an election under sec 266 in turbo tax

This is an annual election, so you would make the election for each year you want the election to be valid for.

 

@TaxHelp222 

Then2
Returning Member

how can i make an election under sec 266 in turbo tax

can i make the elect for sec 266 for all years in the year of sale

BrittanyS
Expert Alumni

how can i make an election under sec 266 in turbo tax

This is an annual election, so you would make the election for each year you want the election to be valid for.

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**Mark the post that answers your question by clicking on "Mark as Best Answer"

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