Land for business use

[Larrypeggy16]

• 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 

[Mike9241]

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.