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rudymoll
New Member

Cost of rebuilt home bought 30+ yrs ago

house bought 30+ yrs ago (main place of residence); refi'd in 2017 and rebuilt totally. What cost to use in calculation? Can I use the amount due to the bank as of 1/1/2018?

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Accepted Solutions
KrisD
Intuit Alumni

Cost of rebuilt home bought 30+ yrs ago

Enter the 1098 and answer the interview questions carefully. 

You will answer "yes" this loan was refinanced, "yes" cash was taken and if all the cash was used on the home, report that as well.

The 1098 should have the Jan. 1st balance in Box 2. 

You enter the balance for year-end from a year-end statement. 

The only calculation you need to make is how much of the refinanced loan was used for something other than the house. 

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3 Replies
KrisD
Intuit Alumni

Cost of rebuilt home bought 30+ yrs ago

Enter the 1098 and answer the interview questions carefully. 

You will answer "yes" this loan was refinanced, "yes" cash was taken and if all the cash was used on the home, report that as well.

The 1098 should have the Jan. 1st balance in Box 2. 

You enter the balance for year-end from a year-end statement. 

The only calculation you need to make is how much of the refinanced loan was used for something other than the house. 

rudymoll
New Member

Cost of rebuilt home bought 30+ yrs ago

The details for this question should have included that this is for  home office deduction. The home office has been on since 2007, so from 2007-2017cost of home different from 2018. Took deductions for refi in 2017. Do not know how to split the two  costs nor what to enter in 2018 home office deduction interview question.
Carl
Level 15

Cost of rebuilt home bought 30+ yrs ago

Can you please clarify what you mean by "rebuilt totally"? My imagination is running wild on the possibilities. Was the home destroyed by fire/flood? Were you just tired of it, so razed it to the ground and rebuild from the dirt up? Was there any insurance payout involved in this? What's the scoop?
Is the home office claimed for your W-2 job? Or are you self-employed and claim the home office on the SCH C? This really matters for 2018 taxes, big time.
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