I recently did remodel of my home (Flooring, Kitchen etc.). Let's say my cost is $50,000 and my Home office is 5% of my house.
I know I need to add it as an asset and choose 3. Real estate property | Qualified Improvement Property.
However, is the Cost the entire cost of $50,000 or just the prorated cost (5%) or $2,500?
I assume I also select 'I used this item 100% of the time for this business."
Please confirm.
