BUSINESS PROPERTY

[misstax]

I BOUGHT A 10 X 10 STAND ALONE UTITILITY SHED WHICH I STARTED USING AS AN OFFICE SPACE. WOULD I DEPRECIATE IT AS A NON-RESIDENTIAL REAL ESTATE ON MY TAX RETURN. I ALSO HAD SOME DAMAGES TO IT FROM THE HURRICANE LAST YEAR. REPLACED WINDOWS GOR $900, FIXED ROOF FOR $2500, REPLACED FLOOR FOR $2110. FIRST TIME USING THE ASSET IN 2024. NOT SURE HOW I CAN DEDUCT THOSE EXPENSES. THE COST OF THE BUILDING WAS $15000.

[PatriciaV]

The building you use as a home office for your self-employed business may be reported as an asset for the Home Office Deduction. Repairs to your home office (not covered by insurance) would be entered as Home Office expenses. 

You can find this topic in TurboTax using the Search box at the top right of the screen to find "home office deduction" and click on "jump to home office deduction."

Additional Information:

• Can I take the home office deduction?
• Where do I enter the home office deduction for my business?