topic Where to claim building materials in Deductions & credits

Where to claim building materials

rebeccaj77 — Sat, 01 Jun 2019 03:11:13 GMT

My husband had the cost of concrete to deduct from his business, where can I add that?

Building materials may be reported on the business portio...

PatriciaV — Sat, 01 Jun 2019 03:11:15 GMT

Building materials may be reported on the business portion of your tax return in more than one area.

1. If you are in the business of selling building materials, the concrete purchases may be including in Inventory.

2. If you are in the construction business, concrete may be included in job-costs (Expenses - Supplies).

3. If you are in another business and used the building materials to improve your property, the entire cost of the improvements may be an Asset for Depreciation.

4. If you are in another business and used the concrete to repair or maintain an existing site or building, the concrete purchase may be included in Expenses - Repairs/Maintenance (or Supplies).

All of these options are found under the Business section of TurboTax. Look for the terms mentioned above as you work through the interview screens.

To find any section of TurboTax easily, go to My Account >> Tools >> Topic Search. Type in your topic, then click the topic in the list to go directly to the start of that section.

If we are doing a major rebuild (down to the foundation),...

MQubed — Sat, 01 Jun 2019 03:11:17 GMT

If we are doing a major rebuild (down to the foundation), is there any reason to wait to take the depreciation once it's all done (that is hold this year's expenses and submit all at once)??

Re: If we are doing a major rebuild (down to the foundation),...

jul1ek1m — Tue, 22 Feb 2022 10:54:42 GMT

I like your suggestion and I would take it because it is ingenious, IF I was doing a major rebuild, but I am not.

Re: Building materials may be reported on the business portio...

jul1ek1m — Tue, 22 Feb 2022 11:04:47 GMT

Patricia, thanks for your feedbacks as you gave me many options. I realize that option 4 fits my situation exactly. As this is an expense to repair and maintain the property until I sell it.

Thank you thank you.

YangSu