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

Forum|Forum|7 years ago
June 1, 2019
1 reply
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Note: Parking lot is 100% part of business property (completely separate location from home/home property)

TurboTax Home & Biz Windows

Anonymous

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:

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

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

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