Posted by JHyre in Ohio on February 06, 2002 at 06:37:50:
The storefront is a capital asset and gets depreciated over time, generating deductions based on the life of the exact assets invoved. It will feed in to your schedule C from Form 4562 for the year that the asset is placed in service, and from your books thereafter.
John Hyre
how to deduct cost of a business store front??? - Posted by Denis
Posted by Denis on February 05, 2002 at 15:08:11:
Hello,
I am a sole proprietor of a monument retail store. I have been selling monuments from my home for 11 years. In Dec. I purchased a small store front for 33,500 and financed about half of it. Now - how should I include this purchase on my taxes? Where does it go on the Schedule C? What is the best way to handle it?
Thanks for your input!