Question

I need to deduct my surveys and land clearing for property I own

Forum|Forum|5 years ago
January 26, 2021
1 reply
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Where do I post these amounts

TurboTax Self Employed Online

You probably won't. Unless your using the land for rental or in a trade or business. If its investment property or personal property, the expenses will get added to your cost basis and either decrease your gain or increase your loss at the time of sale. Previously, you could deduct investment expenses as a miscellaneous itemized deduction but no longer. If your state return did not couple with the new Federal standard deduction and lets you still itemize under the old method, you could possibly deduct them on your state tax return.