Schedule F: where would you put the purchase of more farm land?
On the Balance Sheet. It is not a Sch F deductible expense.
Are you sure it didn't come with depreciable improvements, like field tile? I love the image that field tile creates in my mind.
or fences.
If you're not preparing a Balance Sheet for your client, you can enter the land as Non-depreciated Asset on the depreciation schedule.
