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Level 2
February 27, 2022
Question

Payments on a Financed Asset?

  • February 27, 2022
  • 2 replies
  • 0 views

I have a structure that I built on my property for my home based business. I financed it over 60 months and make monthly payments. I'm not sure where to enter those payments or how to label them. 

    2 replies

    Level 15
    February 27, 2022

    what type of business? sole proprietorship/single member LLC, multimember LLC/partnership, S-corp, C-Corp?

    DarrenHAuthor
    Level 2
    February 27, 2022

    single member LLC

    ColeenD3
    Level 15
    February 27, 2022

    You do not include payments. You are considered to own the property. It is an asset you would depreciate. Nonresidential real property is has a useful life of 39 years.