I was wanting to purchase a small plot of land next to my business to make it into a parking lot. Can I deduct that land price from my taxes as an business expense
posted
2 weeks ago
last updated
April 19, 20248:03 AM
Connect with an expert
x
Do you have an Intuit account?
You'll need to sign in or create an account to connect with an expert.
NO. and the cost of putting in a parking lot is also not curently 100% deductible, The land is not deprciable at all. The cost of the parking lot would be a land inprovment depreciable over 15 yers.
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.