TurboTax Home & Business 2022; Depreciation for Home Office. List Home Improvements made only in 2022?

[kpsahusker]

I'm using TurboTax Home & Business 2022; in Depreciation for Home Office, do I list Home Improvements made only in 2022, or also those made in prior years? (I took Standard Deductions in prior years instead of itemizing Home Office Expenses.)

[tagteam]

You're going to use the lesser of your cost basis or the fair market value when placed in service with respect to depreciation. 

[VolvoGirl]

By the way,  the Standard Deduction or Itemized Deductions on Schedule A die t have anything to do with business expenses on Schedule C.  They are separate. For Schedule A personal deductions, you get to take your itemized deductions or the standard deduction, whichever is larger.  Itemized deductions are things like Medical, Gifts to Charity, State Income Taxes Paid, Mortgage Interest, Property Taxes, Car Registration fees, etc.

You get to take both,  your business expenses AND the Standard Deduction (or your personal Itemized Deductions).  And you have to enter your business expenses.  Be aware, if you have self employment income you can get in trouble for not reporting all your expenses to qualify for the EIC.