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Andy4712
Andy4712, Accountant
Category: Finance
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Experience:  Business and accounting graduate.
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Can I deduct the cost of vacant land that I will build rental

Customer Question

Can I deduct the cost of vacant land that I will build rental properties on?
Submitted: 1 year ago.
Category: Finance
Expert:  Andy4712 replied 1 year ago.
No. You typically need to capitalize the cost and you cannot depreciate land. If you borrowed money to purchase it, then you can deduct the interest you pay on it and the taxes. I hope this answers your question. If not, then please reply. Thank you.