mgarvin
Returning Member

Business & farm

Thank you. I realize my response was a bit muddled (lack of sleep) and I misspoke. I don't think it changes the answer, but the new home was in fact purchased.  96% of the income for the year was made in the new home.

 

Since I did purchase the home, I assume I do need to put in a second 8829 so I can start capturing depreciation on the home and the home improvements made.

 

I see three possible solutions:

A  - pull all carryover on the old home (this is the least tax advantageous to me, resulting in a tax due)

B - split it 25%/75% between old home and new, reflecting split of time spent between two

C - put it entirely into new home 8829. (most tax advantageous for me)

 

I can find no guidance in the 8829 instructions and am at a bit of a loss on how to proceed. 

 

@RobertB4444