Home Office Deduction Recapture

Forum|Forum|3 years ago
December 10, 2022
3 replies
29 views

I took the home office deduction in 2015 and 2016. Where on my previous years tax form do I find the amount needed to report so I can calculate home office deduction recapture in case I sell my home? I believe it is on Form 4562 but I want to make sure I am putting the correct amount in the even t of a home sale. Thank you.

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Carl

Level 11

You need the 4562 for the last tax year you took depreciation on a home office. That will show you the prior year's depreciation, and current year's depreciation. Add the two together to get the total depreciation taken.

BradASchreiberAuthor

Level 2

Thank you- I'm looking at them now and not 100 percent certain which columns have this data. Which numbers have this specific information? Thank you so much.

Carl

Level 11

There are actually two form 4562's and they both print in landscape format. One is titled "Depreciation and Amortization Report" and the other is "Alternative Minimum Tax Depreciation". More than likely, the first one is the only one you need. You only need the 2nd one if you are asked for AMT depreciation amounts.

To get the total depreciation taken on an asset, add together the amounts in the "Prior years Depr" column and "current year depr" column. The total is the amount of depreciation taken on that specific asset.