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I elect to capitalize carrying charges (interest and anual tax) for aprox 13.000 i need to add another depreciation item in turbo tax for 13.000? or not?
I elect to capitalize carrying charges (interest and anual tax) for aprox 13.000 i need to add another depreciation item in turbo tax for 13.000? or not?
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I elect to capitalize carrying charges (interest and anual tax) for aprox 13.000 i need to add another depreciation item in turbo tax for 13.000? or not?
I am in the same situation as sapotg. My question is do I need to report my amortized expenses yearly somewhere in Turbo Tax for a Raw land Investment I will sell years down the road?
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I elect to capitalize carrying charges (interest and anual tax) for aprox 13.000 i need to add another depreciation item in turbo tax for 13.000? or not?
If you elect to capitalize carrying charges, these carrying charges are added to the cost basis of your property. They are not amortized or depreciated.
You do not add them as an asset to be depreciated in TurboTax.
Please see this document for more information:
https://www.law.cornell.edu/cfr/text/26/1.266-1
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I elect to capitalize carrying charges (interest and anual tax) for aprox 13.000 i need to add another depreciation item in turbo tax for 13.000? or not?
I am in the same situation as sapotg. My question is do I need to report my amortized expenses yearly somewhere in Turbo Tax for a Raw land Investment I will sell years down the road?
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