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Level 3
posted Apr 11, 2023 1:28:42 PM

Depreciation percentage for business use of home

IRS Pub587 for year 2022 says 12 month of business use of home deprecation percentage is 2.461%. But Turbo Tax automatically filled in with 2.5641% for me in Form 8829 line 41. I am confused, where does Turbo tax get this information from?

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1 Best answer
Level 15
Apr 11, 2023 1:39:44 PM

@blueskyus0 wrote:

IRS Pub587 for year 2022 says 12 month of business use of home deprecation percentage is 2.461%.

The percentage in the Publication presumes 2022 was the first year the home was used for business.

 

If business use began in an earlier year, the percentage would be higher.

1 Replies
Level 15
Apr 11, 2023 1:39:44 PM

@blueskyus0 wrote:

IRS Pub587 for year 2022 says 12 month of business use of home deprecation percentage is 2.461%.

The percentage in the Publication presumes 2022 was the first year the home was used for business.

 

If business use began in an earlier year, the percentage would be higher.