turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

I inherited my house for $1.00 and I only have a Home Equity Line of Credit no other mortgage. How do I depreciate it for home office.

I inherited my house from my father for $1.00 deed.  I have a Home equity line of credit and no other mortgage.  How do I depreciate it in the Home Office catagory
This feature is pending. Thanks for your patience.
Didn't get the answer you wanted? Talk to a live expert to get the help you need.
1 Best answer

Accepted Solutions

I inherited my house for $1.00 and I only have a Home Equity Line of Credit no other mortgage. How do I depreciate it for home office.

For inherited property for the purpose of figuring the depreciation for the home office deduction,

The cost is the fair market value of the item on the date of death of the person you inherited it from, or the alternate valuation date (the date the executor of the deceased person's estate can choose to have the property in the estate valued).

View solution in original post

1 Reply

I inherited my house for $1.00 and I only have a Home Equity Line of Credit no other mortgage. How do I depreciate it for home office.

For inherited property for the purpose of figuring the depreciation for the home office deduction,

The cost is the fair market value of the item on the date of death of the person you inherited it from, or the alternate valuation date (the date the executor of the deceased person's estate can choose to have the property in the estate valued).

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
message box icon

Ready to start your taxes?

Hand off your taxes, get expert help, or do it yourself.

See Pricing
Manage cookies
v