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Financial Planning / Tax Strategies
|Subject: bought forest property||Date: 2/14/2013 6:25 PM|
|Author: 4thebird||Number: 117766 of 124803|
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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