lo92677
Level 3
10-06-2022
05:09 PM
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Client poured concrete in 2020 for business storage at his home. 2021 building the storage.
The concrete that was poured goes on his sch C, correct?
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TaxGuyBill
Level 15
10-06-2022
05:34 PM
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Is this like a shed?
I would consider it all one depreciable asset (concrete and building combined) when it is "placed in service".
lo92677
Level 3
10-06-2022
05:40 PM
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Concrete last year 2020
shed this year 2021
TaxGuyBill
Level 15
10-06-2022
06:12 PM
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Completed storage area (concrete and building) ready for business use, 2021.
qbteachmt
Level 15
10-06-2022
06:37 PM
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Was the concrete placed in service in 2020? Like, a huge parking pad with RVs on it, and space left to add a small toolshed which is what happened in 2021?
If it is not in use, it is not ready for business.
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"Level Up" is a gaming function, not a real life function.