Paid Land Deduction

[rizzbeez]

I purchased land in 2016 for starting a business. Started an Apiary to raise bees and I believe the IRS classifies this as a farm. As I paid cash for the land, how would I deduct this on my taxes?

[bwa · Accepted solution]

Sorry, but land is never deductible as an expense, nor can it be depreciated.  The cost of the asset is not recognized until the property is sold.

[Critter]

Only the cost of land improvements like buildings are depreciated.