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?
02295
1 Best answer
bwa
Alumni
May 31, 2019 6:23:54 PM
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.
2 Replies
bwa
Alumni
May 31, 2019 6:23:54 PM
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
May 31, 2019 6:23:56 PM
Only the cost of land improvements like buildings are depreciated.