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| Subject: bought forest property | Date: 2/14/2013 6:25 PM | |
| Author: 4thebird | Number: 117766 of 118614 | |
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bought 59 acres and was wondering about several things: 1) can I depreciate this land. 2) I pretty sure I can depreciate or expense the improvements. things like seeds, soil, trees, etc... 3) do I add the cost of purchase for the lawyer and closing costs into the cost of the land? 4) I have a 10 year forestry plan cost $475 do I expense this for 10 years or just write it off at one year. this is a new adventure for us. this is going to be interesting if nothing else. I have 4 deer on the land. one of my friends said they were dependents. I found that kind of funny but expect the IRA would not be amused. any publications that would be much help would be appreciated? |
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