Finance

Have finance questions? Ask a financial expert online.

Ask an Expert,
Get an Answer ASAP!

This answer was rated:

I just need to confirm we purchased a building for our

Hello,I just need to confirm...
Hello,I just need to confirm we purchased a building for our business it is in our business name do I put the payments for that business under rent payments? I do not see another place in turbo taxthanks
Show More
Show Less
Ask Your Own Finance Question
Answered in 5 minutes by:
3/9/2018
TaxRobin
TaxRobin, Senior Advisor
Category: Finance
Satisfied Customers: 18,183
Experience: 15 years of experience in financial advising with emphasis on tax issues.
Verified

Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

Ask Your Own Finance Question

If the business is purchasing the building then no you do not list as rent. You can claim the interest paid on the mortgage. You also list as an asset for depreciation purposes.

Please let me know if you need more information.
If not then please scroll up to see the STARS to rate so I am credited.

TaxRobin
TaxRobin, Senior Advisor
Category: Finance
Satisfied Customers: 18,183
Experience: 15 years of experience in financial advising with emphasis on tax issues.
Verified
TaxRobin and 87 other Finance Specialists are ready to help you
Ask your own question now
Customer reply replied 4 months ago
Another quick question If I have expenses say 1000 in marketing and 1000 in raw material and 1000 in items for sale and 1000 in shipping can I just group them as 4000 for cost of doing business? do I have to separate them out?

You would need to separate those and list the expenses under their own cats

Ask Your Own Finance Question
Customer reply replied 4 months ago
Was figuring you would say that oh well
Customer reply replied 4 months ago
Thanks

You are most welcome

Ask Your Own Finance Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a financial professionalLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask TaxRobin Your Own Question
TaxRobin
TaxRobin
TaxRobin, Senior Advisor
Category: Finance
Satisfied Customers: 18,183
18,183 Satisfied Customers
Experience: 15 years of experience in financial advising with emphasis on tax issues.

TaxRobin is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Rakhi Vasavada

Rakhi Vasavada

Financial and Legal Consultant

2,609 satisfied customers

Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years

Megan C

Megan C

Certified Public Accountant (CPA)

2,222 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

Manal Elkhoshkhany

Manal Elkhoshkhany

Tutor

1,933 satisfied customers

More than 5000 online tutoring sessions.

JKCPA

JKCPA

CPA

844 satisfied customers

Bachelors degree and CPA with Accounting experience.

Eric

Eric

Financial Manager

559 satisfied customers

Loan servicing, counseling and real estate expert. Foreclosure Expert and Financial Planner.

R. Klein, EA

R. Klein, EA

Accountant

480 satisfied customers

TurboTax Expert. QuickBooks Certified Pro Advisor

Dimitry K., Esq.

Dimitry K., Esq.

Attorney

332 satisfied customers

NASD Licensed Rep, 1997-2001, Business Attorney

< Previous | Next >

Related Finance Questions
I have a question with regards to depreciation on a
I have a question with regards ***** ***** on a commercial rental. If a leasehold improvement was made for new lighting, would this still be depreciated for 39 years even though the lease is only for … read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,463 satisfied customers
CTK International based in state holds it's own 501c3 and we
CTK International based in Washington state holds it's own 501c3 and we operate as a foreign non-profit entity in the state of Colorado. During the course of operations a member of the church in Color… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I am a bookkeeper, I use QBS. Trying to setup a loan for a
I am a bookkeeper, I use QBS. Trying to setup a loan for a client. He bought a new building. Just want to make sure it is done right. … read more
keeperumiami
keeperumiami
Sr Financial & Tax Consultant
Bachelor\u0027s Degree
1 satisfied customers
My client is being out in her 1040 and the has an s
My client is being out in her 1040 and the has an s corporation the auditor is asking why we took a bonus depreciation in 3 lease improvement back in 2014. I don't think the agent has the right to do … read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
There is non profit organization that is exempt from federal
there is non profit organization that is exempt from federal income tax under code section 501(c)3. Since it is under public charity status of 170(b)(1)(A)(i) the organization is exempt from filing fo… read more
BK-CPA
BK-CPA
Bachelor's Degree
687 satisfied customers
Just elevated All Three FICO Scores above 800 according to
Just elevated All Three FICO Scores above 800 according to myFICO.comWe have a 4.0% Mortgage on a home valued @$550,000.00 with balance of @$388,500.00.We also own a commercial building with 100% Equi… read more
Megan C
Megan C
Certified Public Accountant (CPA)
Master's Degree
2,222 satisfied customers
I bought a house for $169,000. I put $50,000 of improvements
I bought a house for $169,000. I put $50,000 of improvements into it. I then converted it to a rental 8 years after purchase at a basis of $400,000. I put another $30,000 into the house and used doubl… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
We own a second home by the lake that I would like to convert
We own a second home by the lake that I would like to convert to an office for my consulting practice. The house was purchased for cash about two years ago and is a short drive away from our primary h… read more
financeguru2
financeguru2
Master's Degree
87 satisfied customers
Hi,I have a plot available to me which has an existing
Hi, I have a plot available to me which has an existing bungalow on it. I have two options which are: 1) purchase the property with a regular mortgage, gain planning permission for two 4 bedroom house… read more
Rachel-Mod
Rachel-Mod
WE HAVE AN OWNER OCCUPIED BUILDING. WE HAVE BOUGHT A BUILDING
WE HAVE AN OWNER OCCUPIED BUILDING. WE HAVE BOUGHT A BUILDING UNDER LLC NAME IN CA. THE BUSINESS OPERATES UNDER DIFFERENT NAME. WE ARE PLANNING TO BUY ANOTHER COMMERCIAL BUILDING FOR OWNER'S USE. SHOU… read more
Megan C
Megan C
Certified Public Accountant (CPA)
Master's Degree
2,222 satisfied customers
We are purchasing a house/property from our son that we both
We are purchasing a house/property from our son that we both occupy. My son wants to purchase a business and move away and sell us the house. We are just financing the mortgaged value - just what the … read more
keeperumiami
keeperumiami
Sr Financial & Tax Consultant
Bachelor\u0027s Degree
1 satisfied customers
Hi, Question about how to get a Will in place & put my husbands
Hi, Question about how to get a Will in place & put my husband's name on our house. It's in my name now. If this is an area with which you are comfortable... My husband & I purchased a home, lots of f… read more
Rakhi Vasavada
Rakhi Vasavada
Financial and Legal Consultant
Bachelor's Degree
2,609 satisfied customers
A business in place since 1946 was sold to a family member
A business in place since 1946 was sold to a family member in February of this year following the sudden death of its owner. The business rented space from a commercial building where the owner of the… read more
Shawn P. Adamo
Shawn P. Adamo
CEO
Bachelor's Degree
18 satisfied customers
My son and me own a business and are incorporated. We are thinking
My son and me own a business and are incorporated. We are thinking about buying the building. What are the advantages if my wife opened up a LLC. and bought the building with her money,and rented it b… read more
Rakhi Vasavada
Rakhi Vasavada
Financial and Legal Consultant
Bachelor's Degree
2,609 satisfied customers
I need advise. 2 years ago we filed bankruptcy and it was
I need advise. 2 years ago we filed bankruptcy and it was discharged 10/2008. We included our home in with this bankrupcty but it is still in our name and they have not forclosed on it. We are trying … read more
Dean Voelker
Dean Voelker
Bachelor\u0027s Degree
12 satisfied customers
My husband, a police sergeant who also does consulting for
My husband, a police sergeant who also does consulting for the military & other organizations, wants to retire from law enforcement (after 24 years) & do consulting full-time. I am (slowly) building a… read more
TaxTom
TaxTom
Accountant
Bachelor's Degree
14 satisfied customers
I have two properties (1) one (rental) has a balance of $39K
I have two properties (1) one (rental) has a balance of $39K financed at 5.5% and property two which I reside in has a first and second mortgage. The second mortgage has a balance of $139K and finance… read more
Gerri A Harrison CFP EA
Gerri A Harrison CFP EA
Financial advisor/Tax preparer
Bachelor's Degree
86 satisfied customers
Real Estate is hurting and seems intuitively that this is the
Real Estate is hurting and seems intuitively that this is the best time to purchase property (low-interests rates, etc). What should a small business owner ($5 million yearly sales) take into consider… read more
Gerri A Harrison CFP EA
Gerri A Harrison CFP EA
Financial advisor/Tax preparer
Bachelor's Degree
86 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x