Just to help clarify, no you can't just write it off. The cost of the structure is entered in the Business Assets section and gets depreciated over time. For business property it's 39 years.
Understand that depreciation is not a permanent deduction. In the future when you sell or otherwise dispose of the property that appreciatio has to be accounted for. If you sell, then depreciation is recaptured in the tax year you sell, and you pay taxes on that recaptured depreciation. Two things about that:
1. Recaptured depreciation is taxed anywhere from 0% to a maximum of 25%, depending on your AGI in the year you sell it.
2. Recaptured depreciation is included with your AGI and therefore has the potential to bump you into the next higher tax bracket. it just depends on the numbers.
