I'm reading the part of asset. it says tell us about your home. its asking to describe the item or asset, cost, date purchased. do I put in the original purchase cost of the house (plus improvements) or the cost since it's been refinanced (plus improvements)? Do I put the original date of purchase or the date I started using it for my home office?
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When you are asked to enter the cost of your home that is the original purchase price. The date entered in this area is also the original purchase date. You will be asked in a separate question what date you began using the office for business purposes. You may also be asked for the fair market value of the home on the date you began using it for business purposes.
The key is to read the questions carefully. There is usually a good explanation on the screen or a blue link you can click for more help or guidance.
The date/amount that the house was refinanced should not be entered at all. The amount of refinancing a loan is not the same as an original purchase price since many factors can come into play with a refinance.
When you are asked to enter the cost of your home that is the original purchase price. The date entered in this area is also the original purchase date. You will be asked in a separate question what date you began using the office for business purposes. You may also be asked for the fair market value of the home on the date you began using it for business purposes.
The key is to read the questions carefully. There is usually a good explanation on the screen or a blue link you can click for more help or guidance.
The date/amount that the house was refinanced should not be entered at all. The amount of refinancing a loan is not the same as an original purchase price since many factors can come into play with a refinance.
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