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Get your taxes done using TurboTax
To change your entries for the Home Office Deduction on Form 8829, type 'schedule c' in the Search area, then click on 'Jump to schedule c'. Under the Expenses section, look for Home Office.
You would not use the Fair Market Value of your Home and Land, you would normally use what you paid for the Home and Land, or use the Assessed Value at the time you started using it for a Home Office.
Since Land does not depreciate. you want to get the Value for your Home entered correctly, and your Assessor's Statement will give you a % of the Total Value to use for Land Value.
Click this link for more detailed info on the Home Office Deduction.
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‎April 6, 2020
1:29 PM