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Schedule F - new land acquisition

Level 3

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

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4 Replies 4
Level 15

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

Level 12

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

Level 15

or fences.

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Level 10

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