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buying a building

Discussion in 'Business Operations' started by liltex, Dec 24, 2004.

  1. liltex

    liltex LawnSite Member
    Messages: 31

    i was thinking of purchasing a building for the yard to store my equipment in. would this be concidered a tax rightoff. i am trying to limit my profit by purchasing things i need. i will take the total deduction this year because i am going to buy a new mower next year. thanks nick
  2. MWHC

    MWHC LawnSite Member
    from Wyoming
    Messages: 213

    Talk to your CPA, I know the advise here is outstanding but CPA's know taxes. We just built a building and the write off gets a little tricky.
  3. Team Gopher

    Team Gopher LawnSite Platinum Member
    from -
    Messages: 4,040

    Hi MWHC,

    Do you have any pictures of your new building you could post?
  4. Green-Pro

    Green-Pro LawnSite Bronze Member
    Messages: 1,420

    I am also planning on putting up a building, but, it will be on ground I personally own, just wondered how it would work tax wise if I rented the building to my business from myself?

  5. walker-talker

    walker-talker LawnSite Platinum Member
    from Midwest
    Messages: 4,771

    I would talk to a CPA first. You could depriciate like you suggested or buy it personally and lease it to your business so that you have a write off EVERY year!!!
  6. MacLawnCo

    MacLawnCo LawnSite Bronze Member
    Messages: 1,847

    you are going to have issues taking it all this year since it is such a large $$$ purchase in the fourth quarter.

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