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I sold land in Florida. When I paid what was owed the

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I sold land in...

I sold land in Florida. When I paid what was owed the balance was $150.
I now want to invest the money in upgrading my home office.

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

I work from home and have outgrown my office. I would like to add on to my house and use the proceeds from the land property sale in Florida. How do I do my taxes this year?

Submitted: 4 months ago.Category: Tax
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3/16/2018
Tax Professional: Lev, Tax Advisor replied 4 months ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 33,142
Experience: Taxes, Immigration, Labor Relations
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If you already sold the land and received proceeds - the gain will be taxable regardless how you will use the money.

If you will build the home-office as a separate structure - you will deduct that cost via depreciation - starting when the construction is completed - and that structure is placed in service.

Let me know if you need any help with reporting.

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Tax Professional: Lev, Tax Advisor replied 4 months ago

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