Written by James Brennan on January 21st, 2007 with Read more articles on Web Properties and inside1031.com and CardeaCommercial.com and Tax Calculations and Section 121 Exemption and Second Homes & Vacation Homes and Reporting Your Exchange and All the Questions You Were Afraid To Ask About 1031s.
If you qualify to deduct expenses for the business use of your home, you can claim depreciation for the part of your home that is a home office. Generally, the part of your home that is a home office is depreciated over a recovery period of 39 years using the straight line method of depreciation and a mid-month convention. If you do not claim depreciation on that part of your home that is a home office, you are still required to reduce the basis of your home for the allowable depreciation of that part of your home that is a home office when reporting the sale of your home. For more information, refer to Publication 587, Business Use of Your Home.
Written by James Brennan on January 21st, 2007 with Read more articles on Web Properties and inside1031.com and CardeaCommercial.com and Tax Calculations and Section 121 Exemption and Second Homes & Vacation Homes and Reporting Your Exchange and All the Questions You Were Afraid To Ask About 1031s.