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Daycare and Taxes>Home Depreciation Question- Tom?
TheGoodLife 11:41 PM 04-04-2013
If I bought my house on April 26th, and the purchase value (minus land) is $198K. What would I claim for the depreciation value, if I started my DC business in August? Would it be the 8th month (since I started in August) or the 5th (since it was the 5th month that we actually owned the house)? TIA!
TomCopeland 10:44 AM 04-05-2013
Originally Posted by Mama2Bella:
If I bought my house on April 26th, and the purchase value (minus land) is $198K. What would I claim for the depreciation value, if I started my DC business in August? Would it be the 8th month (since I started in August) or the 5th (since it was the 5th month that we actually owned the house)? TIA!
Start depreciation in the month you first started using your home in your business - August.If I bought my house on April 26th, and the purchase value (minus land) is $198K. What would I claim for the depreciation value, if I started my DC business in August? Would it be the 8th month (since I started in August) or the 5th (since it was the 5th month that we actually owned the house)? TIA!