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Garage for the Business

Discussion in 'Business Fundamentals' started by Hoss4x4, Sep 11, 2011.

  1. Hoss4x4

    Hoss4x4 Member
    from FL
    Messages: 34

    If I have a home based business and build a second garage just for my equipment can I write it off? I did a search with no luck. What do you guys do?
  2. Matson Snow

    Matson Snow PlowSite.com Addict
    Messages: 1,985

    I would contact a CPA ......Im sure some Plowjocky / CPA will chim in and say its OK...
  3. BC Handyman

    BC Handyman PlowSite.com Addict
    Messages: 1,943

    Hello Hoss, I'm in Canada so it might be different but, Yes you could build a garage and write off building costs on a depreciation schedule. If there is a building already and you say gutted it & rebuilt it it could be building maintenance & then wrote off in 1 shot. I will say though that neither the building nor its contents could be claimed on house insurance if something were to happen, you need to have it covered under your business insurance. Remember I'm in Canada, check with your accountant for the rules in florida.
  4. ff610

    ff610 Senior Member
    Messages: 320

    Yes. I have done it for years. You can also write off an office in your house.
  5. swtiih

    swtiih PlowSite.com Addict
    Messages: 1,179

    The best is to talk with your accountant he is the professional and then your insurance agent.
  6. elite1msmith

    elite1msmith 2000 Club Member
    from chicago
    Messages: 2,762

    best thing to do, is to "lease" the garage back to your business, draw up a lease aggreement,
  7. ponyboy

    ponyboy PlowSite.com Addict
    Messages: 1,104

    If you write it off the business owns it when you sell your house part of the money is now the business so lease it to the business
  8. maelawncare

    maelawncare Senior Member
    Messages: 871

    If all you want is a right off, lease. If you want to own property then build. You can only write off the money spent with 30 year depreciation. Only way it goes.
  9. IreneS

    IreneS Junior Member
    from US
    Messages: 5

    Well for me, I will consult a CPA, just like Matson said. Better to do this than to make decision that you are not really sure.