Is purchasing an unattached building for home business a business expense?
11 January 2009
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glass.creator asked:
I will be purchasing an unattached workshop strictly for my business and don’t know if it’s deductable as a business expense. If so what type? I know home improvements can be deductable if business related but don’t know if a whole structure is.
I will be purchasing an unattached workshop strictly for my business and don’t know if it’s deductable as a business expense. If so what type? I know home improvements can be deductable if business related but don’t know if a whole structure is.
Yes, it will be a business expense. This structure would be considered Real Property and would be depreciated. Be sure to talk to a tax expert before you buy. Recordkeeping is critical. There are expenses to add into the purchase price to establish the Basis of the structure’s cost.
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