Last year I used the Simplified Office Deduction. Is it true that we have to pay Capital Gains on a % of the profit if we ever sell? We are on the lower end of income so not sure if it is affected by income or purely sale of property?
If we do decide we no longer wish to claim Simplified Office Deduction, how do we tackle that for next return? I don't see dates of office use on our filed return (the form asked us for the dates the office was in use). How do we note we no longer want the deduction? Is simply not claiming the deduction enough to end the depreciation?
Thank you for your help!
