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rizzbeez
New Member

Paid Land Deduction

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?
1 Best answer

Accepted Solutions
bwa
Alumni
Alumni

Paid Land Deduction

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.

View solution in original post

2 Replies
bwa
Alumni
Alumni

Paid Land Deduction

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
Level 15

Paid Land Deduction

Only the cost of land improvements like buildings are depreciated.

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