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June 6, 2019
Question

How do I record money transferred into my business checking, from my personal checking. I gave it to the business to remodel the office space I own?

  • June 6, 2019
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1 reply

June 6, 2019
The source of funds for business remodeling is irrelevant and so the transfer of funds from your personal checking account to the business account does not need to be recorded.  However the funds spent for remodeling the business are deductible for the business. If you use schedule C it is deducted there.  Money spent for simple repairs can be deducted in their entirety in the year spent.   Money spent for betterment, expansion, restoration or new construction generally have to be depreciated over several years per the IRS tables.  There are exceptions called "safe harbors" that are covered in IRS publications.
If you file a separate business tax form you need professional advice.