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January 24, 2020
Question

recording new construction cost

  • January 24, 2020
  • 0 replies
  • 1 view

 

I recently built an office for my business. Construction is complete and we have moved in. I recorded all of the expenses dealing with the construction - sub contract labor, materials, etc as a fixed asset. Now I am wondering if this should have been recorded on my p&l and recorded as a "non employee contractor" so I can 1099 them? Basically what I am asking is what is the proper way to record the construction cost?