Question

Do I use the current years home & land value or the home & land value when I started using my Home Office for Form 4562?

Forum|Forum|3 years ago
April 18, 2023
1 reply
0 views

Turbo Tax wants to know about my home for asset depreciation form 4562 for a Home Office. I have always used my current structure & land value on my property tax statement. Is this the correct figure to use?
Or am I supposed to be using the same Structure & Land value year after year from the year I started using my Home Office?

TurboTax Self Employed Online

A

AnnetteB6

When you enter information to depreciate your home office for the first time based on the date you started using it, the depreciation information is then set. You do not change it every year.

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J

jacquedoddsAuthor

hi AnnetteB6

Thank you for replying.

Why then does Turbo tax keep asking me every year the cost of my home?
I’m confused.

T

tmunoz

When you open your return it should ask if you want to pull in information from the previous year. One of the things it will import is the depreciation information, any carryover numbers, and your basic information, like name and address.

If you are using TurboTax Online, you will want to be sure you are using the same sign-in information.
If you are using TurboTax for Desktop/Download, you will want to pull in the file ending with .taxxxx where xxxx is the previous year.