#Good news! The IRS has extended the tax deadline to April 18th! As long as you submit your federal return by midnight on 4/18/2018, you won't be considered a late filer for your federal return. Direct debit tax payments that are submitted with your federal return (or on the IRS website) by 4/18 are also considered timely filed ×

Can I claim a depreciation expense for land owned by my business?

 

Land is classified as real property for a business. Land cannot be depreciated because it is considered to have an unlimited useful life.

Go to this section in Credit Karma Tax: Sales of Business or Rental Property

The land sale transaction should be reported to you on Form 4797, Sales of Business Property.
Source: irs.gov

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