We are building an office next to the house. It fits all the usage requirements for a home office. If we depreciate the construction costs to build it, can we still take the home office deduction using the square footage? If not in the year of construction, how about future years?
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As Carl said, you can not depreciate it and use the Simplified Method for your Home Office Deduction in the same year.
Because of the large cost of building a separate structure, the I suspect the Actual Expenses (with depreciation) will give you a better deduction. Depreciating 100% of the new structure would be easiest and most accurate.
As Carl said, you can not depreciate it and use the Simplified Method for your Home Office Deduction in the same year.
Because of the large cost of building a separate structure, the I suspect the Actual Expenses (with depreciation) will give you a better deduction. Depreciating 100% of the new structure would be easiest and most accurate.
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