Business building

Forum|Forum|2 years ago
April 24, 2024
1 reply
14 views

I own my home and I am looking to build a garage for my business. I want to have an office in it, as well as storage for my equipment and trailer. I am thinking that I want to put half down personally, then finance the second half in the company name. Can I do this? If I can do this then do I need to track all expense for the building after completion for write offs and no long use the est write of I currently do.

Ask the Experts - Refund II - April 2024

Vanessa A

Level 15

The way you finance it does not affect your taxes that much. Basically, if you finance it through your business and it is personal use, you cannot deduct the portion that is for personal use.

Yes, you can claim a home office deduction and use the storage area as well. However, these items will be depreciated, not expensed.

Taking Business Expense Deductions

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