Hello, I've pulled the following information from the NOLO website -
"A person who purchases real estate as an investment is not in the business of buying and selling vacant land on a continuous and extended basis. Rather, he or she purchases land and usually holds on to it for some time in the hope that it will appreciate in value. Since an investor is not engaged in a business, he or she is not entitled to business deductions and does not file Schedule C.
However, many investment expenses are deductible as personal itemized deductions on Schedule A. These expenses are an ordinary tax deduction that results in tax benefits at your regular income tax rate, which can be as high as 37% in 2018 through 2025 (40.8% if you're subject to the new Medicare net investment income tax).
A real estate investor can also deduct property taxes paid on a vacant land as a personal itemized deduction on Schedule A. This deduction is not limited to the amount of net investment income. Nor is it subject to the $10,000 annual limit on deducting property tax paid on a main or second home. The $10,000 limit, enacted for 2018 through 2025 by the Tax Cuts and Jobs Act (TCJA) does not apply to investment property."
Where in Turbo Tax would I enter the property taxes paid on vacant land? So far every question posted about this hasn't been answered. There are lots of answers but none of them are helpful.
