topic Tiny Home/Shed on property to use as office Scorp in Deductions & credits

Tiny Home/Shed on property to use as office Scorp

tkagnese — Fri, 03 Jan 2020 04:59:00 GMT

Hello,

I would like to purchase/ build a "Tiny Home/Shed" to use as an100% office for my single owner single employee SCORP. This office will sit on my home's land property but will not be connected to my house.

Can I deduct, expense, or deprecate this?

Thank you !

Re: Tiny Home/Shed on property to use as office Scorp

soultax09 — Sat, 04 Jan 2020 00:22:29 GMT

Depreciate or deduct it depending on the price.

Re: Tiny Home/Shed on property to use as office Scorp

Critter — Sat, 04 Jan 2020 01:00:24 GMT

The Corp must own the shed to take any expenses & make sure the utilities are also separate & in the Corp name since employees cannot deduct home office expenses any longer. And if you are not issuing yourself a W-2as an employee then you need to get professional guidance ASAP.

Re: Tiny Home/Shed on property to use as office Scorp

tkagnese — Mon, 06 Jan 2020 05:39:36 GMT

Neither of these answers seem correct.

I am reading that you cant deduct this and can only depreciate it.

Can someone clarify. Thank you

Re: Tiny Home/Shed on property to use as office Scorp

Critter — Mon, 06 Jan 2020 16:20:45 GMT

The shed should be depreciated ... however it depends on who owns the property ... you or the corporation. Seek local professional assistance instead of advice from a nameless faceless public forum.