Yes, you should enter only the 25% business use portion of the home and land.
- Your question: Can you help me confirm what values need to be placed on the home information section? Do I need to calculate 25% of the purchase price and all closing costs associated with it?
All entries should represent ONLY the business use percentage to arrive at the correct depreciation cost basis (actual cost x 25% business use for everything). Do NOT enter your total cost. It seems correct that because you indicated you would choose to calculate the values yourself.
@chris_ask
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