Question

Deductions section for home office, in the 'tell us about your home section, what value is it looking for in the 'cost' section. Is this the original purchase price

Forum|Forum|3 years ago
April 15, 2023
1 reply
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this section has a cost section and a cost of land section. Not exactly sure what its asking for

TurboTax Deluxe Online

Cost of the home is your original purchase price. Cost of land is the portion of the purchase price that is allocated to the land where the home sits.

Looking at your tax assessment for the property will give you some idea about the value of the land compared to the value of the house so that you know how it is split between the two.

This information is needed because the cost of the land is subtracted from the total cost of of your home to determine the basis for depreciation of the home office. The land portion cannot be depreciated.

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