Level 3

depreciation

Forum|Forum|6 years ago
June 20, 2020
15 replies
45 views

How to depreciate indoor gaming arena?

This topic has been closed for replies.

Just-Lisa-Now-

Intuit Community Champion

The building itself?

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

M

MBA Author

Level 3

Arena was special build for laser tag game

M

MBA Author

Level 3

"yes, they add laser tag facility"

You are being asked to provide more details. Not "facility." Buildings; interior changes; parking lot and landscape; signage; equipment (furniture and fixtures). Depreciation applies to ownership.

To get specific help from the peers that volunteer to be helpful, you need to give them specifics.

You need to understand: What sort of improvements were made, when, for how much, and how were they treated for tax reporting in the year placed in service and/or prior years? How does the lease term compare to the IRS useful life regulations for each type of asset?

"It's lease improvement they did can be depreciated for term of the lease"

If you already think this, then what part is your question?

Done Cost Segregation ATG by IRS Guidance.

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