Entering Expenses for Home Office Deductions

[terimac4]

We recently remodeled our upstairs attic into additional living space and increased the square footage of the home. Can I include this in the depreciation section of home office expenses?

Also, what is the recommendation for the time of depreciation, considering we will probably live here for another 15 years at most?

Thank you!

[ThomasM125]

You can add the improvements to the cost of your house for depreciation purposes. You need to adjust the square footage reported on your home office schedule to reflect the new size of the office and house. The depreciation period is unaffected by how long you intend to live in the house. It will be 39 years.

[terimac4]

Thank you! This would go under the Home Asset Summary-Add an Asset?

[DawnC]

You can add an additional asset, or you can adjust the cost of the house to include the cost of the improvement.