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Get your taxes done using TurboTax
Please let me know if this looks good.
Also just to double check
I have added finished basement in 2 sections:
1) Business Assets/Assets being depreciated: Here I have one-time deduction for the cost (1/6 of the total cost).
I selected "I'll deduct the full value of the item this year"
2) Business Expenses/Home Office Expense
In Home Office Asset Summary I added finished basement as an asset for depreciation to kick in in addition my home. I have 2 assets listed here now. 1) My home 2) Finished basement. And I see a calculated depreciation value for both.
* Even though I indicated I want full value of the item this year in Business Assets section, does it make sense for TT to show a depreciation value (and thereby a deduction)?
‎April 4, 2022
9:09 AM