Discussion:Building an external business office near home
From TaxAlmanac, A Free Online Resource for Tax Professionals
Note: You are using this website at your own risk, subject to our Disclaimer and Website Use and Contribution Terms.
From TaxAlmanac
Discussion Forum Index --> Advanced Tax Questions --> Building an external business office near home
Discussion Forum Index --> Tax Questions --> Building an external business office near home
Www.cpa1.biz (talk|edits) said: | 4 April 2009 |
| Almanacers,
A client has a C corp. He built a office for his business on the land of his principal residence. Here are my questions: 1) He probaby paid about 8 checks during 2008 to the contractor building the office. Do I need to capitalize each of those payments or just show the whole amount as an asset? 2) Is he allowed to show this as a building asset on his C corp? Please advise. Thanks. | |
| 4 April 2009 | |
| 1. I use the date the building is done and occupied, totaling all the costs to get the asset into position to be put into service.
2. Yes, same as if he remodeled an office that he was renting. | |
| 4 April 2009 | |
| Did the corp pay the bills? And even if the C corp can own the building it that really the result you want? A C corp owning real property on personally owned land?? | |
To join in on this discussion, you must first
log in.
