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Deductions & credits
I discovered today that it can affect capital gains when selling the home, and my deduction amount is not enough to worry about/keep track of that. I'd rather pay more in this instance and keep things simple.
Be aware and understand this:
If you did not use the simplified method, then when you sell the property/asset you are required to recapture and pay taxes on the depreciation you "SHOULD" have taken, in the tax year you sell the property/asset.
So if you are going to remove and not claim the home office at all, then no problem. Otherwise, switch to the simplified method.
‎October 15, 2023
6:30 PM