sahm2three 08:26 PM 02-19-2012
How do you go about depreciating your home on Turbo Tax? Also, what do you do if you have never depreciated your home?
TomCopeland 05:26 PM 02-20-2012
Turbo Tax does ask you questions about your home, so you can depreciate it. If you haven't depreciated your home before, you want to recapture this depreciation. If you started your business within the last 3 years you can amend your tax return to claim this depreciation (Form 1040X). If you've used your home for your business for more than 3 years, use Form 3115 to recapture your depreciation going back as long as you were in business.