Depreciation

Forum|Forum|6 years ago
March 23, 2020
1 reply
19 views

I sold and bought a home last year. TT is asking about depreciation taken after 1997 because I used part of my home as an office. I do not understand ANY part of this section and I cannot find a worksheet to help me calculate.

Best answer by MarilynG

That depends on whether you chose 'Regular Method' or 'Simplified Method' to claim your Home Office Expenses on your prior year returns.

Look at your Home Office Asset Entry Worksheet to review your current and Prior Depreciation if using the Regular Method.

If you used the Simplified Method, there was no Depreciation deduction taken, so no entry needs to be made here. Review Form 8829, Expenses for Business Use of Your Home.

Click this link for more info on Home Sale with Home Office.

MarilynGAnswer

Level 15

That depends on whether you chose 'Regular Method' or 'Simplified Method' to claim your Home Office Expenses on your prior year returns.

Look at your Home Office Asset Entry Worksheet to review your current and Prior Depreciation if using the Regular Method.

If you used the Simplified Method, there was no Depreciation deduction taken, so no entry needs to be made here. Review Form 8829, Expenses for Business Use of Your Home.

Click this link for more info on Home Sale with Home Office.

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