Discussion:Scorp depr for home business building
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(Difference between revisions)
| Revision as of 23:17, 5 November 2009 Kevinh5 (Talk | contribs) (oh, and never cl) ← Previous diff |
Revision as of 00:29, 6 November 2009 Death&Taxes (Talk | contribs) (As Kevin points) Next diff → |
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| {{ForumReplyPost|UserID=Kevinh5|Date=5 November 2009|Text=oh, and never close the S corp. That would be worse than selling. Dying is his best option.}} | {{ForumReplyPost|UserID=Kevinh5|Date=5 November 2009|Text=oh, and never close the S corp. That would be worse than selling. Dying is his best option.}} | ||
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| + | {{ForumReplyPost|UserID=Death&Taxes|Date=6 November 2009|Text=As Kevin points out, it makes it kind of messy if he sells the residence and the building. If he put up the building personally it wouldn't qualify for exclusion from gain, but here you have the added mess of the sale running through the S Corp.}} | ||
Revision as of 00:29, 6 November 2009
Discussion Forum Index --> Basic Tax Questions --> Scorp depr for home business building
Discussion Forum Index --> Tax Questions --> Scorp depr for home business building
| 5 November 2009 | |
| My new S corp client built a separate structure on his home property for his electrical business, (garage for employee vehicles, storage, offices, etc.) Can I depreciate this structure on the 1120S since it's a separate structure, even though it's built on his home property? | |
Death&Taxes (talk|edits) said: | 5 November 2009 |
| Yes, assuming the Corporation paid for it. | |
| 5 November 2009 | |
| 39 years.
just wait until he sells, though. Not a pretty picture. Tell him to die instead. He will fare much better. | |
| 5 November 2009 | |
| oh, and never close the S corp. That would be worse than selling. Dying is his best option. | |
Death&Taxes (talk|edits) said: | 6 November 2009 |
| As Kevin points out, it makes it kind of messy if he sells the residence and the building. If he put up the building personally it wouldn't qualify for exclusion from gain, but here you have the added mess of the sale running through the S Corp. | |
