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Level 1

Question

Not sure what to add in the "Enter the total cost when asset was acquired (blank)" on Form 8829. For our description of asset is "Home Office" type of "Asset Home office"

Forum|Forum|5 years ago
March 13, 2021
2 replies
15 views

Self Employed and the only thing left is to fill out the blank from the question in the title.

TurboTax Self Employed Online

Level 15

I assume it is asking about your home that you are depreciating. Enter the cost of your home when you purchased it.

Level 2

Not sure what to enter in type of asset on form 8829 for home office

Level 15

Your HOME is the asset that you are using for business ... follow the interview screens carefully and click on the blue LEARN MORE links if you need more information.

Level 2

Hi All- I have a similar question... My description of asset is '2022 Refinancing fees'(we refinanced our house last year). For the 'total cost when asset was acquired', am I entering the total fees associated with the closing costs when I did the refinance of our home? Or the value of the home when I purchased it(in 2016)? . @SharonD007 - are you able to provide some guidance? thanks in advance.

Level 15

The maximum entry would be the refinance fees. Refinancing costs are subject to rules. Usually, refinance costs are spread over the life of the mortgage and then multiplied by the business use percentage. Because each situation is different, please see page 6 of Home Mortgage Interest Deduction - IRS.

If you itemize, double check that you are not getting double credit. Enter your home office information by reading carefully and reviewing your return.

@katiet403

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