Trying to fix incorrect entry - Form 8829

Forum|Forum|6 years ago
April 6, 2020
6 replies
46 views

Hello,

Regarding 2019 - while going through the review, I noticed that I entered an incorrect amount for land value instead of the fair market value. Is there a way I can update the amount I incorrectly entered? The incorrect amount I entered is resulting in a negative amount on Form 8829, line 39. I cannot seem to find to where the TT software asked the questions regarding the fair market value, building value, etc. Just wanted to ask before I delete the entire form and start over. Note, I have not filed this yet.

Thanks in advance!

Best answer by MarilynG

If you are using the Actual Expenses method instead of Simplified Deduction for your Home Office, you will set your Home up as an Asset and enter your Cost Basis for Home/Land.

At the end of the Home Office Section, you will see a Home Office Summary, (screenshot) where you can Edit your Home Office Asset.

The calculations show on the Form 8829 Asset Entry Worksheet (screenshot).

MarilynG

Level 15

To change your entries for the Home Office Deduction on Form 8829, type 'schedule c' in the Search area, then click on 'Jump to schedule c'. Under the Expenses section, look for Home Office.

You would not use the Fair Market Value of your Home and Land, you would normally use what you paid for the Home and Land, or use the Assessed Value at the time you started using it for a Home Office.

Since Land does not depreciate. you want to get the Value for your Home entered correctly, and your Assessor's Statement will give you a % of the Total Value to use for Land Value.

Click this link for more detailed info on the Home Office Deduction.

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cooper173Author

Level 2

After cycling through all the screens under Schedule C - Home Office expenses, I still did not see the screen where you enter the assessed value of the home. Please let me know if I am missing it somewhere.

MarilynGAnswer

Level 15

If you are using the Actual Expenses method instead of Simplified Deduction for your Home Office, you will set your Home up as an Asset and enter your Cost Basis for Home/Land.

At the end of the Home Office Section, you will see a Home Office Summary, (screenshot) where you can Edit your Home Office Asset.

The calculations show on the Form 8829 Asset Entry Worksheet (screenshot).

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"