Can I adjust my home's basis-for home office depreciation-with improvements over time of ownership (15y)? I once tried but was told I must first amend previous returns.

josephpterranova · ‎April 10, 2021

Purchased older home in 2005, have more than doubled my purchase price over the years with renovations, but never increased my basis for home-office depreciation 8826 purposes--I was told I would need to go back and amend a decade of returns in order to do so.

MaryK4 · ‎April 10, 2021

You cannot change the basis you have been using, but you can add any improvement as a separate asset to reflect the additional depreciation.

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josephpterranova · ‎April 11, 2021

Right. (Sorry, Mary. After posting, I remembered looking that up last year, and the answer...duh)

Can I adjust my home's basis-for home office depreciation-with improvements over time of ownership (15y)? I once tried but was told I must first amend previous returns.

Deductions & credits

Deductions & credits