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gfpstaxes
Level 5
August 24, 2020
Question

Schedule F - new land acquisition

  • August 24, 2020
  • 4 replies
  • 29 views

Schedule F: where would you put the purchase of more farm land?

    This topic has been closed for replies.

    4 replies

    sjrcpa
    sjrcpa
    Level 15
    August 24, 2020

    On the Balance Sheet. It is not a Sch F deductible expense.

    The more I know the more I don’t know.
      BobKamman
      BobKamman
      Level 15
      August 24, 2020

      Are you sure it didn't come with depreciable improvements, like field tile?  I love the image that field tile creates in my mind.  

        sjrcpa
        sjrcpa
        Level 15
        August 24, 2020

        or fences.

        The more I know the more I don’t know.
        dkh
        dkh
        Level 15
        August 24, 2020

        If you're not preparing a Balance Sheet for your client, you can enter the land as Non-depreciated Asset on the depreciation schedule.   

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