Add property purchase
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New Member

Add property purchase

 
5 Replies
Level 15

Add property purchase

If this is for the business go to Asset/Depreciation by following  below:

Click on the Business tab at the top of your screen, Continue, I'll Choose What I Work On, find Business Income and Expenses, click on start or update, if you have already entered your business income and expenses click to Edit your business. This takes you to your businesses home page. On this page scroll down to Business Assets, click start or update. Follow the interview--


New Member

Add property purchase

It is not unfortunately.  We bought 3 acres to camp on.  I'd forgotten about it when I started up TurboTax when it asks what's changed.
Level 15

Add property purchase

OK if not business, then it does not need to be entered on the tax return.  however any property taxes paid on it are a Sch A itemized deduction if you itemize and have not already exceeded the $10,000 cap this year.
New Member

Add property purchase

Well, I think I got it figured out and in the long run it doesn't really affect my taxes anyway 8O
New Member

Add property purchase

And I just read your response which totally explains now so my simple mind understands WHY it's not making a difference on my taxes 😄  THANK YOU!  I've been stressing over adding it!
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