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Lot purchase for business

Forum|Forum|6 years ago
February 21, 2020
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I own a construction company and I purchased an empty lot next to my business to house my heavy equipment. I am not looking to resale it but I need it solely to house my equipment. Can I write off this amount as a business expense?

Best answer by Anonymous_

@twilson1024 wrote:

Can I write off this amount as a business expense?

You can deduct maintenance expenses, property taxes, and interest paid on any financing (e.g., a mortgage) but you cannot deduct the cost of the lot (land is not depreciable either).

A

Anonymous_Answer

Employee

@twilson1024 wrote:

Can I write off this amount as a business expense?

You can deduct maintenance expenses, property taxes, and interest paid on any financing (e.g., a mortgage) but you cannot deduct the cost of the lot (land is not depreciable either).