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Question

I am trying to enter my farmland that I rent out. Turbotax wants to make it a depreciable asset. Where do I enter it as non-depreciable?

Forum|Forum|1 year ago
February 28, 2025
1 reply
0 views

Tell me how to get to the page on Turbotax online in order to enter this correctly

If you are setting this up as a rental (Schedule E) select "Land" for the What Type of Rental is This?" screen

Continue through the rental profile,

enter income and expenses

There should not be a need to enter the land as an asset unless you intend to make improvements. Land does not depreciate so there would be no depreciation recapture to worry about when you sell the land. Capital Gain would be reported the same whether sold as a business or personal asset.

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