I would treat this as a property that does not have a class life and has not been designated by law as being in any other class as a 7-yr property.
- Go to the assets section in your Schedule C. Go through the questions
- When it asks "describe this asset" check Intangibles, Other property
- Tell us a little more Other Asset Type
- Tell Us About This Asset / Large Purchase fill in the blanks
- Next screen is where you can indicate this is a new purchase and that you used it 100% for business. Record the date you started using it for your business
- Here you will enter this as a 7-yr property. I have checked IRS sources to see if a storage shed is listed with its own depreciation schedule and recovery period. It is not. If you select the asset class link, it will instruct you to use the 7-yr class life for any property that does not have a class life and has not been designated by law as being in any other class.
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