AnnetteB6
Employee Tax Expert

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Since you are both self-employed and most likely filing Schedule C for your business income and expenses, the new studio/workspace could be considered either a home office, or simply an Asset to be depreciated for your businesses.  

 

Either way, you will each depreciate half of the cost of the building on your respective Schedule Cs.  The depreciation will start when the building is completed and put into service.  

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