Question

Asset land only asset type code Z vs X

Forum|Forum|6 years ago
August 28, 2019
2 replies
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Previously I created an asset for bare land and used the asset type code Z where I would enter all of the depreciation information. This year the error check in Turbo Tax Business 2018 is saying if this asset is entirely composed of land (it is) and I want to keep this asset entry worksheet for tracking purposes ( I do) that because the land value is the total basis that I should change the asset type code to X. However X is not a choice in the drop down. Thus I cannot correct the error and cannot file. Help!

Critter

Employee

Contact TurboTax support and speak directly with a TurboTax support agent concerning this situation.

See this TurboTax support FAQ for a contact link and hours of operation -https://ttlc.intuit.com/questions/1899263-what-is-the-turbotax-phone-number

Carl11_2

Employee

and used the asset type code Z where I would enter all of the depreciation information

FYI - Raw land is never a depreciable asset. However, depending on the use of this asset you "could" have what's called depletion. An example of this would be if you were renting the land out for the resources under it - such as oil or gas.