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

[lynnm627]

is there a blank form in turbo tax to make an election under section 266

[ThomasM125]

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

[lynnm627]

Thanks Thomas 

[TaxHelp222]

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]

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

@TaxHelp222 

[Then2]

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

[BrittanyS]

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