In 2017 you will enter this building/home as an asset to your business. The total cost will include the entire selling price of the home, cost of improvements and repairs even if you have a loan on it. You will depreciate it as non-residential real estate using a recovery period of 39 years. The interview is all built into TurboTax. Each year you will depreciate a small portion of the entire cost as a business expense. If you do have a loan on it, the interest portion of the payment is an expense in your business. So is RE taxes and insurance.
