Depreciate land and buildings used for the business?
I just bought a house with 9 acres. The house will be used for my personal residence. I'm going to use about 2 acres for truck and trailer parking and going to be building a shop on that 2 acres. How can I account for the land being used for business and the expenses with building the shop? Can it be written off or depreciated and how does that work? Thanks
Is this a good question?