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The partnership, owned by my spouse and I, paid for new sports flooring and some other athletic training items for a separate building on my personal property that is used exclusively for athletic training. The business began in 2019. The plan is to have the partnership lease the building from us, but that was not in place in 2019 since income was low. Can the partnership capitalize and depreciate these with no lease agreement in place?
Thank you in advance!
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Happy to chime in here, @grace1234.
I recommend reaching out to an accountant to verify whether this type of item can be depreciated before checking out the links below. They have the knowledge and expertise needed to ensure things are correctly tracked.
Helpful links:
Please let me know if there's anything else I can do to be of assistance — cheers to a safe and productive week ahead.
Happy to chime in here, @grace1234.
I recommend reaching out to an accountant to verify whether this type of item can be depreciated before checking out the links below. They have the knowledge and expertise needed to ensure things are correctly tracked.
Helpful links:
Please let me know if there's anything else I can do to be of assistance — cheers to a safe and productive week ahead.
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