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Can I deduct equipment/expenses for land improvement of personal property? Texas

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  • Can I deduct equipment/expenses for land improvement of personal property? Texas

    We purchased 22 acres in the country to build a home on in a few years. We purchased a tractor, a trailor, and other expenses in order to improve the land. Is this deductable?

    Thanks!

  • #2
    Originally posted by lbeck View Post
    We purchased 22 acres in the country to build a home on in a few years. We purchased a tractor, a trailor, and other expenses in order to improve the land. Is this deductable?

    Thanks!
    No, it is not. However, some of the expense may add to your eventual basis in the home. Keep good track of everything, with documentation (reciepts etc.) and then see a tax pro to help you determine your basis, once the house is built.

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    • #3
      Thanks!

      Thanks for the reply - I appreciate it.

      Comment

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