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Deductions & credits
I appreciate this! I did see that thread before posting this. It does have a difference from last year (it was posted in 2019) as I did not run into this part...
- Depreciation for your home office. Follow the onscreen instructions to enter the home improvements. You'll be prompted to indicate if the improvement applies to your whole house or just to the home office. When you are finished with this section, you'll reach the Home Office Asset Summary. Click Continue if finished, or click +Add an asset to enter additional improvements.
That's where I'm concerned and confused... so when it asks what I spent, since it does not clarify whole house or home office in the 2020 version, do I just cut the cost myself? (Instead of $4000 for total cost, $400 for home office being 10%?)
The second link is very helpful. I'll "split" the cost of the total based on the % of income earned by the two businesses.
‎February 2, 2021
3:52 AM