Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted May 31, 2019 11:17:25 PM

What is the "cost" of my entire home when calculating home office depreciation?

Would this be the entire value of the mortgage taken out on the home, or just actual cash spent (i.e. closing fees and down payments, etc.) to acquire the house?

0 6 2399
1 Best answer
New Member
May 31, 2019 11:17:26 PM

It would be the original price you paid for the house, plus any improvements you made to the house since buying it.  The original price is the contract price, regardless of the amount that was mortgaged or paid in cash.

6 Replies
New Member
May 31, 2019 11:17:26 PM

It would be the original price you paid for the house, plus any improvements you made to the house since buying it.  The original price is the contract price, regardless of the amount that was mortgaged or paid in cash.

New Member
May 31, 2019 11:17:27 PM

I did this but during error check I got a message for Form 2106 stating that "Eligible Sec 179 property has unacceptable value".  What is the solution?

New Member
May 31, 2019 11:17:29 PM

Watching as I had the same issues..

New Member
May 31, 2019 11:17:31 PM

Have  similar issue - inherited a home.  I have my  property tax assessment  - - would it be the "Taxable Value", "Assessed Value" or something else?

New Member
May 31, 2019 11:17:32 PM

It would be the Fair Market value of the property as of the date of death of the deceased.  If an estate return was filed, that value was estimated as part of the estate return, so you could take it from there.  Property tax assessments are rarely of any use in this determination because they are not as of the date of death.

New Member
May 31, 2019 11:17:33 PM

The 179 property error message does not relate to the house value because the house itself is not eligible for a section 179 deduction. This error message is most likely stemming from an error in your entry of the cost of equipment of some kind or a car.