Storage Building how to enter in TT

[glodowa]

We run two businesses as well as have rental properties. In January of 2024 we purchased a storage building on a parcel of land (not part of our home or rentals). We plan to use the building to store materials and equipment for our businesses and rentals. How would I enter this into TT? Schedule C?

[RobertB4444]

The rental is a business expense.  It was purchased for a business.  So, since it is not being rented now, you would enter it as a business asset and depreciate it.  Since you may want to rent it you could create two assets, one for each half, and depreciate it as a business asset for the business that is using it for storage and the business that may one day rent it out.  Then it depreciates as commercial property for 39 years.

@glodowa