Depreciation of portable buildings

Forum|Forum|2 years ago
May 8, 2024
2 replies
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I have a client who has a business and in 2023 bought a portable metal building that now uses as a working shop. This one is easily movable.

He also bought a second portable building (a little bigger) and spent over $ 30k in concrete and other materials to make it more permanent. This one can't be moved and is also used as a working shop for his business.

What would be the correct classification when depreciating in proseries basic for each of the buildings? What about the materials bought? thank you verhy much

ProSeries Basic

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Best answer by Jim-from-Ohio

portable building, These products qualify for a 7-year depreciation period. The reason is that these products can be fully dismantled, relocated, and reassembled
permanent commerical building - 39 years
materials part of the basis

Jim-from-Ohio

Answer

Intuit Community Champion

portable building, These products qualify for a 7-year depreciation period. The reason is that these products can be fully dismantled, relocated, and reassembled
permanent commerical building - 39 years
materials part of the basis