I am a S-Corp and been using funds from my business to renovated part of my home for my business. The project was started last year and still continuing into this year. Are the costs of renovation depreciable on my taxes on for this year (2021)? I did not depreciate them on last years taxes (2020) because the project was still continuing. Need some direction.
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You've been given direction, about a month ago:
And is this a separate business from your Partnership that you were paying yourself a salary?
You REALLY, REALLY need to go to a tax professional.
Yes it is separate. Thank you for the advice. I will seek a CPA.
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