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October 2, 2023
Question

Asset Classification for land only Business Purchase

  • October 2, 2023
  • 1 reply
  • 0 views

Hi,

We bought a piece of land for our business. No building on it. TT asks what type of asset, is it J1, or O (other) or X?

 

1 reply

Employee
October 2, 2023

Where are you seeing these codes? On the asset worksheet?

 

The land is essentially investment property. It would be a non-depreciated asset otherwise.