Thread: Fence Expenses
View Single Post
  #2  
Old 07-03-2019, 11:30 AM
TomCopeland's Avatar
TomCopeland TomCopeland is offline
Business Author/Trainer
 
Join Date: Jun 2010
Location: St. Paul, Minnesota
Posts: 3,066
Default fence

Quote:
Originally Posted by LittleExplorers View Post
We are putting in a fence ourselves. Where does th3 expense of materials and tools go in tax forms? I am funding it with grant money if that makes a difference.
You can deduct the business portion of the fence in one year, rather than depreciating it. If you are required to put up the fence by licensing, deduct 100% of the cost. If you have personal reasons for the fence, deduct part of the cost, using either your time-space% or an actual business use percent. If the cost is less than $2,500, claim it on Schedule C as a repair. If the cost is more, claim it on Form 4562, line 14.
__________________
http://www.tomcopelandblog.com
Reply With Quote