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April 12, 2024
Question

Home Business Deduction (Depreciation)

  • April 12, 2024
  • 1 reply
  • 0 views

The last 2 years I have taken the simplified home deduction but this year I am itemizing. TT is asking for prior depreciation amounts and it auto generated an amount of 1346. When I look back on my 2022 tax return, there is nothing in that column for depreciation (I believe since I did the simplified method).

 

Should I just go with the amount that TT shows as the amount of prior? 

    1 reply

    April 15, 2024

    TurboTax will calculate the prior year depreciation amount based on the cost and date you put the home office into services. It is a simple calculation so it should be reliable.

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