I have a land that I am holding as an investment. I want to capitalize costs associated with the land. Can I make that election within the Turbotax program.

Yes, you can claim Section 266 using a blank statement form available in TurboTax for Desktop (and TurboTax Business) that is found in Forms Mode. However, you will need to file by mail in order to include this user-generated form.

Click the Forms icon in the TurboTax header. In the left column, click Open Form, then type in "blank form." Click on the form to open it in the large window. You can now type in the statement you need to include with your return.

Example (form lines are not numbered😞

• Line 1: ELECTION TO CAPITALIZE CARRYING COSTS
• Line 2: For the tax year 20XX, taxpayer hereby elects under Code Section 266
• Line 3: and IRS Regulations 1.266-1 to capitalize, rather than deduct, the
• Line 4: following carrying costs incurred with respect to 
• Line 5: [describe property] located at [property location]
• Line 6: XXX County AZ APN #XXX-XX-XXX-XX 3.5ac Lot 
• Line 6, column 2: $235 (rounded)
• Line 7: XXX County AZ APN #XXX-XX-XXX-XX 2.5ac Lot
• Line 7, column 2: $123 (rounded)