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Level 4
June 1, 2023
Solved

How to report a building in progress on tax returns

  • June 1, 2023
  • 3 replies
  • 18 views

A client is constructing a medical office.  How to report the work in progress on his corporate returns?  

Do I just leave the charges as un depreciable asset for now?

This topic has been closed for replies.
Best answer by IRonMaN

Record an asset, construction in progress.  Depreciation won’t start until the building is put into use.

3 replies

IRonMaN
IRonMaNAnswer
Level 15
June 1, 2023

Record an asset, construction in progress.  Depreciation won’t start until the building is put into use.

Slava Ukraini!
BobKamman
Level 15
June 2, 2023

It's not a dental office, is it?

No, I guess that was another question today.  

qbteachmt
Level 15
June 2, 2023

"Do I just leave the charges as un depreciable asset for now?"

Think of that as Investments. Not charges. It is the invested cost.

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