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Level 1
posted Oct 12, 2021 11:59:41 AM

Sch C form 8829 Home business 20 years, own home, depreciate office. Line 5 has changed - Type of Asset. Previous years choice: N or M. 2020 23 options. None say Home

I need help choosing what asset type to choose from the new list in 2020. There are 23 options where there used to be 2. None of them are for a home office. I think it could be "H-Land Improvement" , "I-Residential Rental Real Estate" or "J5-Qualified Improvements".

2 8 1623
1 Best answer
Level 15
Oct 12, 2021 4:55:58 PM

@AmeliesUncle wrote:

J-1 should do the job.  Nonresidential Real Estate.

It does the job (i.e., clears the error) but the resulting figure for depreciation is wrong (it takes the entire cost of the home as the basis for depreciation rather than the home office percentage).

 

This is a bug (a regression) and the developers need to fix the program.

8 Replies
Level 15
Oct 12, 2021 12:47:57 PM

Please stay tuned. This appears to be a regression from an earlier update which is now in the process of being addressed by the developers.

Level 1
Oct 12, 2021 3:34:37 PM

My taxes are due in a couple of days  as I filed an extension. Am I to understand that none of the choices offered by Turbotax is the correct option?

Level 15
Oct 12, 2021 4:44:23 PM

J-1 should do the job.  Nonresidential Real Estate.

 

Level 15
Oct 12, 2021 4:55:58 PM

@AmeliesUncle wrote:

J-1 should do the job.  Nonresidential Real Estate.

It does the job (i.e., clears the error) but the resulting figure for depreciation is wrong (it takes the entire cost of the home as the basis for depreciation rather than the home office percentage).

 

This is a bug (a regression) and the developers need to fix the program.

Level 15
Oct 12, 2021 5:12:35 PM

Interesting, thank you.

It is even more interesting that the developers have been breaking the program this late in the tax season.

Level 1
Oct 15, 2021 11:08:43 PM

Literally the 11th hour and I just ran into this issue while checking over my forms. I'm having a heck of a time trying to resolve this.

Level 15
Oct 16, 2021 7:04:30 AM

@Hweb wrote:

Literally the 11th hour and I just ran into this issue while checking over my forms. I'm having a heck of a time trying to resolve this.

@Hweb 

 

Try the workaround suggested in the following thread.

 

Re: 2020 Home Office Depreciation Incorrect - How ... (intuit.com)

Level 1
Oct 16, 2021 7:28:11 AM

In the end I used the advice of using the J1. I then printed out the form 8829 from both 2019 and 2020 and the depreciation amount was the same within $1. I was then able to file. We'll see how they change it up next year. I appreciate the communities help - thank you