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Level 2
posted May 2, 2021 4:08:51 PM

Which value of house to enter in Form 8829?

I bought my house on 05/01/2014 for 258K. Currently I am amending tax return for 2018

 

I am looking at Part III of Form 8829. At the time when I was doing my taxes for 2018, I entered tax value of home and land for line 37-38-39 but I coped them wrongly.

 

So for 2018 tax return, where should I get these values from? Maybe appraised property values by the local government? Or should I put in the value I paid back in 2014? If so then what would be the land value?

0 6 1365
6 Replies
Level 2
May 3, 2021 2:34:36 PM

Can anyone help me please?

Employee Tax Expert
May 3, 2021 5:29:03 PM

You should be able to get the land and home values from your property tax statements. 

 

You will need to enter the smaller of your home's adjusted basis or the fair market value in 2018 when you started your business.

 

Form 8829 2018 instructions link

 

Details needed for Form 8829 - Expenses for business use of home

 

Level 2
May 3, 2021 6:04:55 PM

I think you did not understand my question

 

I started my business on 05/01/2014 but I am amending 2018 tax return. 

 

If I am doing my 2018 taxes, on form 8829 for lines 37 thru 39, which year's property value am I supposed to use? 2014 or 2018?

Level 15
May 4, 2021 12:19:10 PM

In your situation you should be using your COST of $258k.

 

You will enter your total cost ($258), plus another spot will ask for the estimated cost of land.

Level 2
May 4, 2021 5:06:00 PM

so how should I estimate the cost of land?

Level 15
May 4, 2021 6:08:54 PM

Your 2014 real estate tax bill may show the county's valuation of the building and land.  You can use that RATIO and apply that to your purchase price to come up with an estimated value of land.