As the title would allude, I began a business in my home this past year and have owned the home for a decade prior. I did a search and found this post (https://ttlc.intuit.com/community/tax-credits-deductions/discussion/a-couple-questions-if-we-refinanced-our-home-mult[product key removed]-to-establishing-a-home-office-do/01/280943#M34136) that kinda answered my question in that I do include the prior capital improvements. Would I
Thanks!
You should add the improvements to the cost of the house and enter that sum as the basis of the house. You should not enter them individually. Your enter the date you started using your home for business as the beginning date for depreciation on the home.
You should add the improvements to the cost of the house and enter that sum as the basis of the house. You should not enter them individually. Your enter the date you started using your home for business as the beginning date for depreciation on the home.
Great, thank you for clarifying that @ThomasM125 ! Going forward, if I do any capital improvements, I add them as I was doing previously?