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Updated about 7 years ago on . Most recent reply

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2
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Bruce Chenowith
  • okc, ok
0
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Tax question on personally owned building used in partnership

Bruce Chenowith
  • okc, ok
Posted

I bought a building personally that is being used in our partnership. The building is used for softball batting practice, lessons, camps, etc. I understand the basis rules for depreciation (lower of cost or market). What I don't understand is putting the building on the balance sheet or not. I never physically sold or gifted the building to the partnership. It uses it and does not pay me rent. So should it go on the balance sheet (my state requires one)? If I don't place it on the balance sheet and depreciate it on the Form 1065, do I put it on my personal taxes under the Schedule E for depreciation purposes?

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