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Schedule F - new land acquisition

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Level 3

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

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4 Replies 4
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Level 15

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


ex-AllStar
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Level 11

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

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Level 15

or fences.


ex-AllStar
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Level 8

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