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Deductions & credits
It depends. According to the IRS FAQs - Simplified Method for Home Office Deduction,
"For taxable years in which the simplified method is used, the depreciation deduction allowable for the portion of the home used in a qualified business use is deemed to be zero. Accordingly, you do not have to recapture any depreciation for taxable years in which you used the simplified method. However, you may have to recapture depreciation for taxable years in which you used the standard method."
For the years you used the standard method, you can use the total of Prior and Current Depreciation from last year, shown on Form 8562 Depreciation and Amortization Report (this is not an IRS form). Home office assets have code H beside the asset description.
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March 21, 2022
12:27 PM