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SF2323
Returning Member

Formed LLC to purchase my new home. Where do I report this on taxes, and can I take depreciation on my home office?

 
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3 Replies
SF2323
Returning Member

Formed LLC to purchase my new home. Where do I report this on taxes, and can I take depreciation on my home office?

I also wanted to know about taking mortgage interest deduction. The mortgage is in my name, not the LLC's.

Formed LLC to purchase my new home. Where do I report this on taxes, and can I take depreciation on my home office?

@SF2323 the purchase does not go on your taxes.  The mortgage and real estate tax can be part of your itemized expenses.  

 

Home Office: if you are W-2 employee, then definately not.   If a 1099-NEC, please explain more. 

SF2323
Returning Member

Formed LLC to purchase my new home. Where do I report this on taxes, and can I take depreciation on my home office?

Thanks so much for replying, and sorry I wasn't clear about that. In this case, I am asking as someone who is self employed and normally calculates the home office deduction on TurboTax. In my old apartment that I owned, the home office deduction would include a portion of my home's depreciation and a portion of the mortgage interest I paid. I just wanted to make sure it would be the same in a new home that was purchased as an LLC.

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