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Do I use the current years home & land value or the home & land value when I started using my Home Office for Form 4562?

Turbo Tax wants to know about my home for asset depreciation form 4562 for a Home Office. I have always used my current structure & land value on my property tax statement. Is this the correct figure to use? 
Or am I supposed to be using the same Structure & Land value year after year from the year I started using my Home Office?
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9 Replies
AnnetteB6
Employee Tax Expert

Do I use the current years home & land value or the home & land value when I started using my Home Office for Form 4562?

When you enter information to depreciate your home office for the first time based on the date you started using it, the depreciation information is then set.  You do not change it every year.  

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Do I use the current years home & land value or the home & land value when I started using my Home Office for Form 4562?

hi AnnetteB6 

Thank you for replying. 

Why then does Turbo tax keep asking me every year the cost of my home? 
I’m confused. 

TeresaM
Expert Alumni

Do I use the current years home & land value or the home & land value when I started using my Home Office for Form 4562?

When you open your return it should ask if you want to pull in information from the previous year. One of the things it will import is the depreciation information, any carryover numbers, and your basic information, like name and address. 

If you are using TurboTax Online, you will want to be sure you are using the same sign-in information.
If you are using TurboTax for Desktop/Download, you will want to pull in the file ending with .taxxxx where xxxx is the previous year. 

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Do I use the current years home & land value or the home & land value when I started using my Home Office for Form 4562?

Hello TeresaM

If never asked me to pull info from previous years. And never seems to carry over from previous years since tt asks me to input this info (Cost of entire home; Cost of Land; Date purchased) every year. Ive always used the current info on that years property tax statement. 

Im using online TT this year. Recent years was download and before that was CD. Ive only ever used TT. 

My husband started his business in 2015. 

When TT asks me to tell it about my home where our Home Office is it asks the cost of the entire home and cost of land and when I purchased it. 

Do I use current property tax info or FMV of home when we started the business in 2015? 

MarilynG1
Expert Alumni

Do I use the current years home & land value or the home & land value when I started using my Home Office for Form 4562?

You can see the amounts you used for the Cost Basis of your home on Form 8829, Asset Entry Worksheet from the first year you claimed a Home Office.  Use the same amounts from year to year, if TurboTax is not carrying the Asset Info over for you each year (it should).  

 

If you change the amounts every year, your depreciation amounts will be off, which you will need whenever you sell your home. Form 4562 shows depreciation each year. 

 

@jacquedodds 

 

 

 

 

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Do I use the current years home & land value or the home & land value when I started using my Home Office for Form 4562?

This is fantastic MarilynG1 but i cant seem to find the worksheet. I can find the depreciation form but not the worksheet in my saved 2015 tax documents. 

MarilynG1
Expert Alumni

Do I use the current years home & land value or the home & land value when I started using my Home Office for Form 4562?

Great, the Form 4562 also shows the amount that you used as Cost Basis.  It shows a column for Cost and one for Land. 

 

@jacquedodds 

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Do I use the current years home & land value or the home & land value when I started using my Home Office for Form 4562?

Thank you so much Marilyn. I did find the figures but they dont seem to be adding up. 

Form 8829 line 36 says 88.920; line 37 Land value 5,000; line 38 Basis of Building  83.920

but Form 4562 says Cost (net of land) 38.920; Land 50,000. 

Do these numbers look correct or is there something off? 

 

AmyC
Expert Alumni

Do I use the current years home & land value or the home & land value when I started using my Home Office for Form 4562?

The land value should be matching. Please review your entries. You may need to delete that  section and re-enter it.

 

A full or corrupted cache can cause problems in TurboTax, so sometimes you need to clear your cache (that is, remove these temporary files).

For stuck information follow these steps:

  1. Delete the form/ worksheet- if possible, see How to Delete  
  2. Log out of your return and try one or more of the following:
    • Don't use Internet Explorer.
    • Clear cache and cookies,
    • Sign in using a different browser.
    • Sign in using a different device.
  3. Log back into your return.
    • Enter the information again.
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