topic My business put a down payment on a home in 2016 but did not purchase until 2017. What do I list this under? Is it a Misc expense? in Get your taxes done using TurboTax https://ttlc.intuit.com/community/taxes/discussion/my-business-put-a-down-payment-on-a-home-in-2016-but-did-not-purchase-until-2017-what-do-i-list-this/01/687870#M276966 Thu, 06 Jun 2019 11:57:53 GMT kristamanna 2019-06-06T11:57:53Z My business put a down payment on a home in 2016 but did not purchase until 2017. What do I list this under? Is it a Misc expense? https://ttlc.intuit.com/community/taxes/discussion/my-business-put-a-down-payment-on-a-home-in-2016-but-did-not-purchase-until-2017-what-do-i-list-this/01/687870#M276966 Thu, 06 Jun 2019 11:57:53 GMT https://ttlc.intuit.com/community/taxes/discussion/my-business-put-a-down-payment-on-a-home-in-2016-but-did-not-purchase-until-2017-what-do-i-list-this/01/687870#M276966 kristamanna 2019-06-06T11:57:53Z If the home was purchased for use in your business, the d... https://ttlc.intuit.com/community/taxes/discussion/if-the-home-was-purchased-for-use-in-your-business-the-d/01/687874#M276969 <P>If the home was purchased for use in your business, the down payment would be&nbsp;part&nbsp;of the original cost basis of the home and entered as a depreciating asset&nbsp;in the business <B>when it is place into service of the business </B>(in 2017). So keep track of all your cost, including improvements and repairs for when you begin depreciation in next years tax return.<BR /></P> Thu, 06 Jun 2019 11:57:54 GMT https://ttlc.intuit.com/community/taxes/discussion/if-the-home-was-purchased-for-use-in-your-business-the-d/01/687874#M276969 Cattlerancher 2019-06-06T11:57:54Z So even though the downpayment was essentially a partial... https://ttlc.intuit.com/community/taxes/discussion/so-even-though-the-downpayment-was-essentially-a-partial/01/687880#M276973 So even though the downpayment was essentially a partial payment on the asset &amp; was in 2016, it should be listed all in 2017's taxes, correct? Thu, 06 Jun 2019 11:57:56 GMT https://ttlc.intuit.com/community/taxes/discussion/so-even-though-the-downpayment-was-essentially-a-partial/01/687880#M276973 kristamanna 2019-06-06T11:57:56Z In 2017 you will enter this building/home as an asset to... https://ttlc.intuit.com/community/taxes/discussion/in-2017-you-will-enter-this-building-home-as-an-asset-to/01/687885#M276976 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. Thu, 06 Jun 2019 11:57:57 GMT https://ttlc.intuit.com/community/taxes/discussion/in-2017-you-will-enter-this-building-home-as-an-asset-to/01/687885#M276976 Cattlerancher 2019-06-06T11:57:57Z
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topic My business put a down payment on a home in 2016 but did not purchase until 2017. What do I list this under? Is it a Misc expense? in Get your taxes done using TurboTax
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https://ttlc.intuit.com/community/taxes/discussion/my-business-put-a-down-payment-on-a-home-in-2016-but-did-not-purchase-until-2017-what-do-i-list-this/01/687870#M276966
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My business put a down payment on a home in 2016 but did not purchase until 2017. What do I list this under? Is it a Misc expense?
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https://ttlc.intuit.com/community/taxes/discussion/my-business-put-a-down-payment-on-a-home-in-2016-but-did-not-purchase-until-2017-what-do-i-list-this/01/687870#M276966
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If the home was purchased for use in your business, the d...
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<P>If the home was purchased for use in your business, the down payment would be&nbsp;part&nbsp;of the original cost basis of the home and entered as a depreciating asset&nbsp;in the business <B>when it is place into service of the business </B>(in 2017). So keep track of all your cost, including improvements and repairs for when you begin depreciation in next years tax return.<BR /></P>
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<dc:date>2019-06-06T11:57:54Z</dc:date>
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So even though the downpayment was essentially a partial...
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<link>
https://ttlc.intuit.com/community/taxes/discussion/so-even-though-the-downpayment-was-essentially-a-partial/01/687880#M276973
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<description>
So even though the downpayment was essentially a partial payment on the asset &amp; was in 2016, it should be listed all in 2017's taxes, correct?
</description>
<pubDate>Thu, 06 Jun 2019 11:57:56 GMT</pubDate>
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https://ttlc.intuit.com/community/taxes/discussion/so-even-though-the-downpayment-was-essentially-a-partial/01/687880#M276973
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<dc:creator>kristamanna</dc:creator>
<dc:date>2019-06-06T11:57:56Z</dc:date>
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In 2017 you will enter this building/home as an asset to...
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https://ttlc.intuit.com/community/taxes/discussion/in-2017-you-will-enter-this-building-home-as-an-asset-to/01/687885#M276976
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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.
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<pubDate>Thu, 06 Jun 2019 11:57:57 GMT</pubDate>
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https://ttlc.intuit.com/community/taxes/discussion/in-2017-you-will-enter-this-building-home-as-an-asset-to/01/687885#M276976
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<dc:creator>Cattlerancher</dc:creator>
<dc:date>2019-06-06T11:57:57Z</dc:date>
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