New building constructed for business

[msfrid]

I constructed a new building for my existing business in 2020 where do I take these deductions in turbo tax home and business

[ColeenD3 · Accepted solution]

You can take depreciation on your business asset. Please see this answer from DawnC0.

A building used for business purposes is a capital asset and is depreciated over it's useful life. The costs of construction are not a deduction, they are the cost basis for depreciation. Depreciation begins when the asset is entered into service. 

When Does Depreciation Begin and End?

You begin to depreciate your property when you place it in service for use in your trade or business or for the production of income. You stop depreciating property either when you have fully recovered your cost or other basis or when you retire it from service, whichever happens first.

Placed in Service

You place property in service when it is ready and available for a specific use, whether in a business activity, an income-producing activity, a tax-exempt activity, or a personal activity. Even if you are not using the property, it is in service when it is ready and available for its specific use.

Please see the following: PUB 946

A capital asset is an asset that benefits your business for more than one year. Most businesses will need capital assets such as equipment, a car, computer and office furniture. Capital assets must be depreciated and cannot be treated as an expense in the year they are acquired or put into service.

To enter your capital asset (Real Estate Property) into TurboTax, go to the Business Assets section, which is located under Business Income and Expenses.

[Carl]

The cost of your new building is not a direct deduction per-se. In the first tax year you place that building "in service" and it's available for use by your business, it becomes a business asset. You'll enter it in the Business Assets section and it will be depreciated over the next 39 years starting from the tax year it's placed in service.