Business & farm

Hi Carl,

 

A - I am saying "Yes" to The business use percentage of this asset varied during the years I owned the asset question, because:

      1 - I bought and lived in the property as my primary home from 10/2012 - 10/2013.

      2 - I rented out the property from 10/2013 - 9/2021.

I owned the asset from 10/2012 - 09/2021.  The asset was used for business purposes for a subset of that time, 10/2013 - 09/2021 and was used for personal purposes from 10/2012 - 10/2013.  Based on this, my interpretation is to answer "Yes" to this question.  

 

To answer your question of, once the property was placed in service (i.e. converted to business use), the asset was indeed used for 100% business use case.

 

B - Again, probably an interpretation problem.  The statement reads This asset was a rental, a home office, or a home office improvement within a home.  My interpretation was that the qualifier *WITHIN A HOME* is only applicable to the home office improvement section.  If not, then that is one box checked and what remains is to reconcile #1 above, before deciding that "No special handling" is required.    

 

Thanks again for the continued help!