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I remodeled my home office last year to the cost of about $9000. Can I take this as a deduction and where do I record it?
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I remodeled my home office last year to the cost of about $9000. Can I take this as a deduction and where do I record it?
No, you can't take the remodeling as a deduction, it is a capital expense. You can, however, enter it as an asset and depreciate the value over several years.
[This assumes that you are self-employed and not an employee, as xmasbaby0 mentions.]
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I remodeled my home office last year to the cost of about $9000. Can I take this as a deduction and where do I record it?
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I remodeled my home office last year to the cost of about $9000. Can I take this as a deduction and where do I record it?
No, you can't take the remodeling as a deduction, it is a capital expense. You can, however, enter it as an asset and depreciate the value over several years.
[This assumes that you are self-employed and not an employee, as xmasbaby0 mentions.]
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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I remodeled my home office last year to the cost of about $9000. Can I take this as a deduction and where do I record it?
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I remodeled my home office last year to the cost of about $9000. Can I take this as a deduction and where do I record it?
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I remodeled my home office last year to the cost of about $9000. Can I take this as a deduction and where do I record it?
UPDATED FOR TAX YEAR 2019
39 years - The recovery period is the same that applies to the original property (the home office). For more information please see the following documents:
** IRS Publication 587 - Business Use of Your Home (starting on p. 7)
** IRS Publication 946 - How To Depreciate Property (page 5)
[Edited | 4/13/2020 | 10:14 am PDT]
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I remodeled my home office last year to the cost of about $9000. Can I take this as a deduction and where do I record it?
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