I have a small business with a home office in my home. In 2019 I did some improvements to a separate structure outbuilding on my property and turned it into a shop also for my business. As far as I understand, for my home office I combined the square footage of the room in my house and the outbuilding, as my total home office square footage. Also, the total improvements I did to the outbuilding were above the $10,000 limit for the Safe Harbor Election for Small Taxpayers so I'm planning on depreciating them instead of listing them as an expense. Would I list the improvements as one total cost under one asset - Real Estate Property - Qualified Improvement property? Or do I need to list them individually? And do I need to add the outbuilding itself as an asset also? Not sure of the value since it was on the land purchased with my home. Any help would be appreciated, thanks!
