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Where do I enter getting my business parking lot repaved? Is it a business asset that I depreciate or does it go in repairs?

Note: Parking lot is 100% part of business property (completely separate location from home/home property)

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MichaelDC
New Member

Where do I enter getting my business parking lot repaved? Is it a business asset that I depreciate or does it go in repairs?

Parking lots, along with fences, sidewalks, and driveways, are land improvements with a limited life. They are generally considered 15-year depreciable property.

Follow these steps to enter your parking lot:

  1. Click the "Business" tab in TurboTax,
  2. Click "I'll choose what I work on."
  3. Scroll to Business Assets
  4. Click Start on Assets Being Depreciate
  5. Follow the instructions on screen to enter the details of the asset

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