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04-09-2008, 06:31 PM
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#1 |
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Registered User
Join Date: Feb 2008
Posts: 23
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building
i recently built a building behind my house to store my water softner and parts and so forth for my business. i think i can depreciate the building but over how many years? dont know what kind of property this would be considered. thanks alan
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04-09-2008, 08:58 PM
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#2 |
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Registered User
Join Date: Oct 2001
Posts: 1,586
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Sissa51,
IRS Pub 946, How To Depreciate Property, is likely your best source of information. Here is a link to the Pub: http://www.irs.gov/publications/p946/index.html It is not clear to me the extent of your building. Is it located in an area zoned for commercial buildings? Should you take any 179 deduction? |
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04-10-2008, 12:04 PM
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#3 |
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Registered User
Join Date: Feb 2008
Posts: 23
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building
no, the building is behind my house which is not zoned for commercial.
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04-10-2008, 07:41 PM
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#4 |
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Registered User
Join Date: Jan 2007
Posts: 46
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Is this a "storage shed", i.e. can it easily be detached from its foundation? Is this building something that you might buy for $1200 at Home Depot? If so, it is personal tangible property, it is not a permanent fixture to the land, and therefore you can take a section 179 deduction and deduct the entire expense in the first year, or you can elect a 7 year amortization.
If this is a "building" which is permanently attached to a foundation, then your depreciation period is 39 years, and you can not elect a section 179 deduction. |
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04-11-2008, 11:54 AM
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#5 |
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Registered User
Join Date: Feb 2008
Posts: 23
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building
thanks a lot
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