New Business in 2020 - build out costs

[bmg60]

I need more help.  I am in over my head .  Opened a fitness business in the lower park for my house in September.   I know enough but not enough as I have questions.   Spent $7728 to redo my lower level - I was told this is a capital asset and it needed to be depreciated.  The system assigned 39 years life and calculated $58.00 - I can't recreate this amount.   I am not depreciating the "space" or designated % of this area.  Should I?  If I do, I need to find the cost basis, adjusted cost basis and market value?   

I also have equipment costs totaling 11,300.00.   $5,578.00 of the $11,300 is for a treadmill that qualifies for depreciation.  The remaining 5721 for weights, weight rack, balance chair, band system & ropes.  Can I expense this remaining amount?  There is also furniture purchased ---leather chair, 2 seat sofa.  OR do I expense those items $200 or less and depreciated everything else above that amount?  

Thank You in advance.

[ErnieS0]

Your improvements are being depreciated on a straight line basis over 39 years beginning in September. The percentage is 0.749%.

The IRS allows you to expense any item costing $2,500 or less. Anything above that can be entered as an asset and written off using Section 179.