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April 10, 2021
Question

Home office deduction: Property value increased

  • April 10, 2021
  • 1 reply
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RE: Schedule C Home Office asset: COST and LAND values

Event: County reassessed property value (it increased)

Do I?

    1. Update the COST and LAND values to reflect the newly assessed values

    2. Leave them the same as when they were first entered

    1 reply

    MaryM428
    April 10, 2021

    No, you do not change the value of the property from what you originally started with for this home office.  Property values do fluctuate, but you keep them the same for your home office deduction. 

     

    Home Office Decduction