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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
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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.
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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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