I have a tree farm and just purchased an additional 49 acres what can I deduct?

[TreeFarmGuy]

I have a tree farm of approximately 280 acres which I own free and clear. I just purchased a 49 acre contiguous tract with some mixed timber on it. I paid $40k cash and financed $70k plus closing cost.

What I’m I allowed to deduct or depreciate?

Thanks

[Critter-3 · Accepted solution]

Only the interest on the loan  is deductible ... land is a non depreciable asset and is also not an expense.