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Macon, IL | I have built a shed 4 years ago and have been slowly working on a shop. Spending $400 here $500 there putting in benches, lights, etc. as I can afford it For tax purposed rather than depreciating those little expenditures over 20 years like the building I have been taking them as "repairs"
This past year I did spend about $2,500 which is a little much to call a repair, expect to spend about that over each of the next 2 years as I am starting to insulate and put tin on the inside-but can't do it all in 1 year.
I want to stay legal and do it the right way but it sure seems a pain that after 5 years I would be depreciating each of those little 2,500 enhancements taking $100 a year depreciation on each job.
Is there another way? | |
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Tax Question
