Deductions & credits
No, you can't change the form. The amount is computed based on the figure entered starting on 37 up to 41 to come up with the total allowable depreciation on line 42. .The form 8829 is used to compute expenses for business use of home. The allowabe expenses will be transferred over as business deduction on form Schedule C line 30.The amount of depreciation is computed by multiplying the basis of the building by the percentage of the area of the home used for business
- Line 37 - cost basis of the home.
- Line 38 - value of the land..
- Line 39 - basis of the building (cost basis of building - value of land).
- Line 40 - Business basis of the building (line 39 x business percentage of the area used for business (are used for business over total area of the home).
- Line 41 - business percentage. See screenshot below.
- Line 42 - allowable deprecation entered on line 30 of form 8829.
