New Member - Tax Question
Hayes Water Storage - Darren Stillwell
I am new to NCSSA and I am sure I will have many questions for you in the future. I purchased on existing storage facility of 87 units in July of 2017 and had the staff stay on. My question today is in regards to taxes for 2017. I am torn around where the metal buildings can be depreciated over 20 years. On top of that, I want to do the 179 bonus depreciation which would allow me to depreciate half now. The only thing is that my tax preparer advising me not to do this due to audit concerns (even though I keep all my paperwork). She is worried that above and beyond the audit concern, I will have to depreciate over 39.5 years...which is typical for commercial business, Has anyone else did bonus depreciation and did you have any issues such as an audit.