I own my home and I am looking to build a garage for my business. I want to have an office in it, as well as storage for my equipment and trailer. I am thinking that I want to put half down personally, then finance the second half in the company name. Can I do this? If I can do this then do I need to track all expense for the building after completion for write offs and no long use the est write of I currently do.
You'll need to sign in or create an account to connect with an expert.
The way you finance it does not affect your taxes that much. Basically, if you finance it through your business and it is personal use, you cannot deduct the portion that is for personal use.
Yes, you can claim a home office deduction and use the storage area as well. However, these items will be depreciated, not expensed.
Taking Business Expense Deductions
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
DeepakatDuplify
New Member
Jtaylor93
New Member
003emz
Level 2
xneha
Level 1
markcdabber
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.