jskouberdis
Level 4

I AM DOING THE 1065 FOR A RENTAL LLC.  THIS IS THE FIRST YEAR OF OPERATION.  THEY ARE BUILDING A COMMERCIAL BUILDING AND WILL RENT IT OUT WHEN IT IS COMPLETED.  MY QUESTION TO THE COMMUNITY IS SHOULD I PUT ALL ARCHITECT AND CONSTRUCTION EXPENSES IN AN ACCOUNT CALLED CONSTRUCTION IN PROGRESS AND WAIT UNTIL CONSTRUCTION IS DONE TO START DEPRECIATING?  AND ALSO SHOULD I PUT ALL ATTORNEY AND ACCOUNTING AND OTHER ADMINSTRATIVE EXPENSES IN AN ACCOUNT CALLED EITHER ORAGANIZATION EXPENSES OR START UP EXPENSES AND AMORTIZE THEM.  WHEN WOULD I START AMORTIZING THEM.  THIS YEAR THE FIRST YEAR OF THE COMPANY OR THE FIRST YEAR THAT THEY HAVE RENTAL ACTIVITY.  THANK YOU TO ALL OF THE COMMUNITY FOR READING MY QUESTION.  AND REMEMBER WE ARE ALL IN THIS TOGETHER.  STAY SAFE.

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