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gkoerwitzagency
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Can i deduct home improvements if i have a home office in my residence as a percentage of the home office?

I have a business in my home and did a lot of renovations in the home, can the percentage I use for my office be used for the amount of the renovations for a credit? Also on the net loss carryover I started a new business and have a net los from last year and also this year, should I just ignore last years net loss.

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DS30
New Member

Can i deduct home improvements if i have a home office in my residence as a percentage of the home office?

No, you will not get a credit for the renovations. However, you can include a portion of the depreciation expense from this capital improvement to your home if you are taking the actual expenses (as opposed to the simplified deduction). Just add your home improvements as an additional asset under the Home Office Asset Summary page (see screenshot).

No, you should not ignore the losses from prior years. You are allowed a carryover of disallowed deductions because of the income limitation. Unused operating expenses and excess casualty losses plus depreciation are carried forward separately. When you report these prior year losses, TurboTax will take these prior year losses and add them to the current year's losses and carry them over to a future year.

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2 Replies
DS30
New Member

Can i deduct home improvements if i have a home office in my residence as a percentage of the home office?

No, you will not get a credit for the renovations. However, you can include a portion of the depreciation expense from this capital improvement to your home if you are taking the actual expenses (as opposed to the simplified deduction). Just add your home improvements as an additional asset under the Home Office Asset Summary page (see screenshot).

No, you should not ignore the losses from prior years. You are allowed a carryover of disallowed deductions because of the income limitation. Unused operating expenses and excess casualty losses plus depreciation are carried forward separately. When you report these prior year losses, TurboTax will take these prior year losses and add them to the current year's losses and carry them over to a future year.

Can i deduct home improvements if i have a home office in my residence as a percentage of the home office?

I have the exact same question.  I added them to the Home Office Asset Summary page as individual assets but now it's asking about Section 179 or something and not letting me move forward... please help!
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