business

[dlhadley]

Wife and I have own/operate a small retail store business.  We recently purchased a building in 2019to use as warehouse space for extra inventory.  How do I show this in this years income taxes?

[DianeC958]

The building would be set up as an asset for the business.  Then you depreciate the cost of the building over 39 years.

To Enter Business Assets in TurboTax please follow the steps below: 

1. Log into TurboTax Online 
2. Continue your return.  In the upper right-hand corner find the Search Box and type Schedule C hit enter and from the search options click on Jump to Schedule C 
3. Then (assuming your business has already been set up in TurboTax), you'll want to click Edit next to your business and then scroll down to the Business Assets topic and click on Start (or update) and you will be able to begin entering your new asset. 

TurboTax will walk you through the process. 

[dlhadley]

Thanks, now I can complete my taxes for 2019.