Home depreciation

[sweetberry63]

 I wanted to know about the depreciation of my home which I've owned for 20years.  When I file taxes with Turbo Tax do you calculate the depreciation?

[DoninGA]

There is no depreciation on a personal residence, not used as a rental or in a business.

[sweetberry63]

I started a business this year and my home address is used as the business address.  Can depreciation be claimed this year?

[DoninGA]

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@sweetberry63 wrote:

I started a business this year and my home address is used as the business address.  Can depreciation be claimed this year?

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Only the area of the home that is used Exclusively for the business would be able to be claimed as a home office and then be able to be depreciated.

Go to this IRS website for information - https://www.irs.gov/newsroom/heres-what-taxpayers-need-to-know-about-the-home-office-deduction

Note - When the home is sold any depreciation taken Must be recaptured and is taxed as long term capital gains with a maximum tax rate of 25%.