Starting a small business & planning
to build a building on our current residential property
, which is 16 acres, home and 2 outbuildings. If we build a business building & allocate an acre of land specifically for the business do we have to depreciate the building? (Sole Propietor LLC
) If we do not depreciate the building, what happens when we sell our home and the acreage and all bldgs.? Will IRS
still have us
because it was allowable?? Or can we just run a business without rent or building cost deducted?
JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?
Customer: We just don't want to complicate anything eventually when we do sell our place. The business building and acre would never be sold off separately. We want this acre kept in our name, not the LLC name so if we close the business that the building would become a personal
building and the acre still has our name on the deep, not the business name.
JA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the $5 fully-refundable deposit now. While you're filling out that form
, I'll tell the Accountant about your situation and then connect you two.