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G
Gojo 12
April 14, 2025
Question

I bought a vacant land for development. So far I have incurred expenses only (property Tax, survey, architectural cost) can I write these expenses off? If so where?

  • April 14, 2025
  • 1 reply
  • 0 views
Where in turbo tax do I enter these expenses

1 reply

D
DianeW777
April 14, 2025

No. The expenses will be included as part of the cost basis with the exception of the property tax. If the property is placed in service for use in a business activity at some point then you may be allowed to use 'start-up' expenses for the regular expenses.  The cost basis will be used to offset gain should there be a sale in the future. Depending on what you plan to develop will determine expenses or capital costs in the future.

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