Depreciation of a Capital Expense & Taxes

Started by BobM24 • 1 replies • 746 views

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BobM24 (Wisconsin)
Posts: 3

Posted:

New to a condo association board. Can you depreciate the cost of a tennis court on tax form 1120-H? We do not charge members or guest anything to use it. If so, is it straight line depreciation for 10 years? Or can you only depreciate a percentage of the total cost for 10 years. Secondly, will this depreciation expense help offset the non-exempt interest income, so no tax will be due?

Thanks for any help!

RoyalP
Posts: 1,104

Posted:

no

you would need to file 1120

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