topic Re: Adding an asset/home improvement in Business & farm

Adding an asset/home improvement

ideaguy — Fri, 22 May 2020 21:47:28 GMT

I have a home office and am attempting to add an asset for the whole house - an "improvement." On the page that's titled, "Tell us about this home improvement," under "Cost:" it asks for "The cost of your entire home, the cost of your improvement." Why does it sound like it's asking for two separate things - there's only one field for a dollar amount."

Re: Adding an asset/home improvement

Carl — Sat, 23 May 2020 00:00:42 GMT

What exactly is the property improvement?

I'm not sure where you are in the program. I would expect you to be entering the asset in the SCH C section of the program in the sub-section called "Business Assets". The questions as "you" word them don't appear that way in the SCH C/Business Assets section of the program.

But if you are in the SCH C section:

On the initial "Describe this Assets" screen, which of the four options did you select?

Then on the "Tell us a little more about your business asset" screen, what did you select?

Re: Adding an asset/home improvement

ideaguy — Mon, 25 May 2020 18:36:41 GMT

Thank you for your response. The words I quoted are exactly what appears on the screen. (I could post a screenshot if that’s helpful.) I am in the home business section and adding a depreciable asset/improvement (a bathroom remodel) that applies to the whole home

Re: Adding an asset/home improvement

AmeliesUncle — Mon, 25 May 2020 20:13:46 GMT

@ideaguy wrote:
(a bathroom remodel) that applies to the whole home

Is this a daycare? If not, the bathroom is not eligible for your Home Office depreciation. Only space used regularly and exclusively for business would count.

In answer to your question, I suspect that wording is just a generic statement used for both the house itself and for improvements, meaning whichever one you are current entering. So *IF* the improvement is eligible (such as for a daycare), only enter the improvement cost.

Re: Adding an asset/home improvement

ideaguy — Tue, 26 May 2020 22:05:52 GMT

Ok, thank you.