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.
03468
3 Replies
Mike9241
Level 15
Feb 27, 2022 11:08:31 AM
what type of business? sole proprietorship/single member LLC, multimember LLC/partnership, S-corp, C-Corp?
ColeenD3
Expert Alumni
Feb 27, 2022 11:11:36 AM
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.