Hello!
I’ve searched for hours, but I can’t find the exact answer. I filed an extension and included the home office deduction and a small amount of income, as a placeholder. I thought my husband was getting a 1099 for a side business, he ran for eight years. However, he said he’s not continuing the business, nor claiming the HO deduction for 2023. I have a chronically sick child and honestly hadn’t realized he hadn’t worked the side business, last year. He works a full time job, as well. He didn’t make much money working the side business, either way.
Here are my questions:
1.) I basically didn’t include income for him in 2023 on TT and obviously I didn’t claim the home office. However, do I need to remove the Home office asset, to stop depreciation of it or is it automatically stopped if I’m not claiming it? I’m confused on if it continues depreciating, unless it’s formally removed. I saw another comment on the community discussions, which said you have to formally remove it as an asset. But I think that was meant for someone who stopped using it part way through the year.
2.) Can I find a depreciation worksheet on TT that includes previous years or do I just pull form 8829 for my records (in case we sell in the future)?
3.) I’m ready to file tomorrow, however I was using Home and Office, because I thought we would do business write offs. I’m assuming I can still use the program, without the business? I’m willing to pay the higher fee, instead of starting over on Deluxe.
I hope this makes sense. Or maybe I’m just confused lol…..and tired. Either way, thank you!
