Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
Still need to file? Our experts can get your taxes done right. Get started >
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

cancel
Showing results for 
Search instead for 
Did you mean: 
hanth2468rath
New Member

I inherited half a farm. Turbotax "Asset Summary"shows years to depreciate, and gives a depreciation amount. How can I change this? Farm land doesn't depreciate.

 
1 Best answer

Accepted Solutions
DDollar
Expert Alumni

I inherited half a farm. Turbotax "Asset Summary"shows years to depreciate, and gives a depreciation amount. How can I change this? Farm land doesn't depreciate.

You need to input the "land" separately from any other asset.  If you are setting it up as a "Farm" then you will indicate in the "Describe This Asset" section of "Farm Assets" that the land is "Real Estate Property".  This will not be depreciated.  See screenshot attached.

View solution in original post

1 Reply
DDollar
Expert Alumni

I inherited half a farm. Turbotax "Asset Summary"shows years to depreciate, and gives a depreciation amount. How can I change this? Farm land doesn't depreciate.

You need to input the "land" separately from any other asset.  If you are setting it up as a "Farm" then you will indicate in the "Describe This Asset" section of "Farm Assets" that the land is "Real Estate Property".  This will not be depreciated.  See screenshot attached.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
message box icon

Ready to start your taxes?

Hand off your taxes, get expert help, or do it yourself.

See Pricing
Manage cookies
v
ABCDEFGHIJKLMNOPQRSTUVWXYZabcdefghijklmnopqrstuvwxyz0123456789-_~