Solved: Where in Premiere can I enter expenses on undeveloped investment land (lot cleanup, property tax, sewer/water assessments, HOA, travel to oversee?
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Where in Premiere can I enter expenses on undeveloped investment land (lot cleanup, property tax, sewer/water assessments, HOA, travel to oversee?

 
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Where in Premiere can I enter expenses on undeveloped investment land (lot cleanup, property tax, sewer/water assessments, HOA, travel to oversee?

You will deduct investment expenses other than interest expenses as miscellaneous itemized deductions on your Schedule A.  To be deductible, your expenses must be paid to either produce or collect income (for instance, management fees) or to manage property held for producing income.

To enter these expenses in TurboTax,

  • In your open Federal return, choose Deductions & Credits
  • Scroll down to Other Deductions and Credits and Show more
  • Choose Other Deductible Expenses and Start or Revisit
  • On the screen Did you have any of these less common expenses? say Yes
  • Enter your expenses on the next screen Tell us about your less common expenses and Continue

For more information, you may consult IRS Publication 550, available at the IRS link below:

https://www.irs.gov/forms-pubs/about-publication-550

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Level 2

Where in Premiere can I enter expenses on undeveloped investment land (lot cleanup, property tax, sewer/water assessments, HOA, travel to oversee?

You will deduct investment expenses other than interest expenses as miscellaneous itemized deductions on your Schedule A.  To be deductible, your expenses must be paid to either produce or collect income (for instance, management fees) or to manage property held for producing income.

To enter these expenses in TurboTax,

  • In your open Federal return, choose Deductions & Credits
  • Scroll down to Other Deductions and Credits and Show more
  • Choose Other Deductible Expenses and Start or Revisit
  • On the screen Did you have any of these less common expenses? say Yes
  • Enter your expenses on the next screen Tell us about your less common expenses and Continue

For more information, you may consult IRS Publication 550, available at the IRS link below:

https://www.irs.gov/forms-pubs/about-publication-550

View solution in original post

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