Investors & landlords
Oops, I'm confused again now that I'm in TurboTax ... I started with business #1. The home office expenses area has an area for repairs. But I see that's not the spot because when I clicked "see more examples" it said a new roof isn't a repair -- it has to be entered in the Assets section as a home improvement. (see screenshot) Ok yes I understand that. Confusion begins: TurboTax's pre-populated figures were there for the date we started using the home for business, the original cost of the home, the land, business use percentage, and prior depreciation. Nowhere does it ask for the cost of the improvement, so I guessed maybe I'm supposed to put that $13,962 in the "cost" box. I replaced the original cost of the home figure with this roof cost, changed the date to the date on the roofing invoice, and left all the other pre-populated figures as they are. In the end it says I have $0 depreciation deduction. 😫
Could you please please look at my attached screenshots and let me know what I'm doing wrong? I was really hoping to finish my tax return today.
THANK YOU for any help.
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