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gigglejones1717
February 11, 2020
Question

I bought a building for my business and put it on my land. Where do I write this off?

  • February 11, 2020
  • 1 reply
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1 reply

LudwigVan_fan
LudwigVan_fan
Employee
February 11, 2020

Could you please be a bit more specific?     My first impression from your question is that you own land, and erected a building on your land that your business uses.

 

Who owns the business building...you or the business?  It makes more sense to me that you own the building and are leasing it to your business?  Also, what form of business?  Sch C?   A partnership?  Corporation?

 

Finally, you can't write off a building.  The cost of the building is capitalized and depreciated.  Whomever owns the building will depreciate it.

**Disclaimer: Effort has been made to offer correct information; but due to the discussion forum limitations, the poster disclaims any legal responsibility for the accuracy of the poster's response**
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