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builder dan
New Member

new offfice built on land not owned by business

we built a new showroom on land not purchased in business name, am trying to treat it like a leasehold improvement  under other real estate

2 Replies
Level 15

new offfice built on land not owned by business

Not sure how you could put a building on a property you don't own ... so do you mean the Business doesn't own the property but you do ?   If so  this is NOT a lease hold improvement.  It is real estate depreciated over 39 years.  

Level 15

new offfice built on land not owned by business

it's 39-year property but Turbotax had (or still has a bug) not allowing selection of that asset category


what type of business?  sole proprietorship or single-member LLC. it's 39-year property. if S-corp, C-corp or partnership it's still 39-year property but in addition, there should be a lease at FMV between the landowner and the business.



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