I have a campground that went 15ft underwater during historic flood in 2018. I had to replace all of my electrical system before I could reopen, so repair was required. It was a 90K repair/improvement that I would like to takeover several years so where do I plug that into Turbo tax and how do I figure how many years to spread it over. It was a declared disaster area but by the time SBA for individual businesses was declared I had already secured financing for repairs
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You can enter the 90K as a Business Asset to be depreciated over time.
You can choose either three, five, or seven year property.
Click this link for a detailed article on Depreciation of Business Assets.
You can enter the 90K as a Business Asset to be depreciated over time.
You can choose either three, five, or seven year property.
Click this link for a detailed article on Depreciation of Business Assets.
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