I worked as an employee of a company that was located over 2800 miles away so I was only classified as a teleworker. I bought a new home with an office that was exclusive and dedicated to my work as an employee. I'm calculating the home office expenses and am now looking at the depreciation section. I know the closing cost of the home but don't know where to find out the cost of the land included in that home cost.
You are not required to enter the cost of the land unless it is included in the total cost basis that you enter.
Your annual property tax statement may have land reported separately from building/improvement. if that's the case, calculate the percentage that belongs to the land. Then apply that percentage to the total you paid for the property. That is the cost of the land.
You are not required to enter the cost of the land unless it is included in the total cost basis that you enter.
Your annual property tax statement may have land reported separately from building/improvement. if that's the case, calculate the percentage that belongs to the land. Then apply that percentage to the total you paid for the property. That is the cost of the land.