turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

svskylan
New Member

Where do I enter a building purchase for self employed individual?

 
Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
Coleen3
Intuit Alumni

Where do I enter a building purchase for self employed individual?

This would be an asset that has to be depreciated.

You will depreciate your office condo as a business non-residential real property (Office Building) asset over 39 years.

  1. Select the "Business" tab, then press "Continue"
  2. On the "How do you want to enter your business income?" screen press "I'll choose what I work on"
  3. On the "Let's gather your business info" screen select "Schedule C, Form 1099-MISC" under the "Business Income and Expenses" heading, then press "Start" or "Update"
  4. Since you have already entered information for your business, click "Edit" on the "Here's the business info we have so far" screen
  5. On the "Your Business" screen, scroll down to "Business Assets" and press "Update"
  6. On the "Any Large Purchases (Depreciable Assets)?" screen, press "Yes"

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies