Schedule L 1120S tax question - "Building & other depreciable assets"

General Real Estate Investing
1

I know this is a complicated question. I am doing my corporate taxes myself and am stuck on one figure. Can someone direct me to a link which will answer my question or if you have the answer, that would be much appreciated!

How do you compute the end of tax year figure for your properties which are recorded on Line 10a?

Thanks,
dlb
.

2

uh…cost plus depreciable improvements?

3

Because you referenced “properties” in your question, may I ask how many buildings (properties) are used in your business or trade? What does your business do?

4

Suppose I have no depreciable improvements?

5

We do investing and we have 2 properties.
Last year we had someone prepare our taxes. This year I decided to prepare them myself.
The only viable solution I have come up w/ is to use the county tax records to show current value.
Thanks,
dlb
.

6

Are these rental properties that you are reporting on Schedule L (1120S) ?

I think you should report your cost basis rather than current value.

7

rentals are depreciable.

flips are not.