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What type of building and what is the use of the building?
If it is nonresidential property owned by a business and used for the business, then it is a business asset and entered in the Business Income and Expenses section.
If the building is used for a rental purposes (whether residential or nonresidential), then it is reported on Schedule E and entered in the Rental Properties and Royalties section in TurboTax.
Structures used in or by a business are assets that get reported as such. If this building is rental property then enter it in the Assets/Deprecation section which you will eventually come to as you work through the Rental & Royalty Income (SCH E) section of the program, the way it is designed and intended to be used.
If this is a business asset for your sole proprietorship or single member LLC reported on SCH C as a part of your personal 1040 tax return, then you'll enter it in the Business Assets section of the Business Income & Expenses (SCH C) part of the program which you will eventually come to if you are using the program the way it is designed and intended to be used.
commercial building
If you own the building and are using it for your business then it is an asset of your business. If you are reporting the business as part of your personal return the section is Self-Employment. When you are filling out the information here there is a section to add assets for your business.
As you look at the list of expenses there is a box by Assets click on that box and then when you continue TurboTax will walk you through adding the asset.
Link on reporting Income and Expenses for Self-Employment Business
If you own the building and are renting the building to another business then the income and expenses are part of the Rentals, Royalties, and Farms section of TurboTax. In this section, you would add the building as an asset.
Link on how to report Tax Deductions in TurboTax
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