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| HW "Skip" Weldon wrote: - quote - > Sole proprietor (SP) maintains office in home, files Sched C
My understanding is that you would do nothing with the above> and Form 8829 (among others). On the 8829 he uses 15% as > the business use percentage for indirect expenses. > During '06 improvements to home include both backyard deck > and kitchen repair/remodeling. As indirect expense on 8829, > may SP expense the entire appropriate amount (15%) or must > he depreciate? mentioned repairs / improvements as they have no connection to the office in home at all. Once you have started claiming office in home expenses you can only deduct or depreciate repair / improvement expenses directly related to the office such as a new rug for that area or whatever. Any major improvement to the whole home such as a new roof (which would also affect the office) would be depreciated. << ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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| HW \"Skip\" Weldon <skip5700removethis[at]hotmail.com> wrote: - quote - > Sole proprietor (SP) maintains office in home, files Sched C
Since you posted here, you know you don't want to hear the> and Form 8829 (among others). On the 8829 he uses 15% as > the business use percentage for indirect expenses. > During '06 improvements to home include both backyard deck > and kitchen repair/remodeling. As indirect expense on 8829, > may SP expense the entire appropriate amount (15%) or must > he depreciate? answer. SInce the improvements constitute a capital asset, he gets 39 years to expense them. __ Art Kamlet ArtKamlet [at] AOL.com Columbus OH K2PZH << ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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| HW "Skip" Weldon wrote: - quote - > Sole proprietor (SP) maintains office in home, files Sched C
I don't see where these "improvements" have anything to do> and Form 8829 (among others). On the 8829 he uses 15% as > the business use percentage for indirect expenses. > During '06 improvements to home include both backyard deck > and kitchen repair/remodeling. As indirect expense on 8829, > may SP expense the entire appropriate amount (15%) or must > he depreciate? with the home office space, hence I would disregard them. Now when my client up in Chicago made improvements just to his basement which happened to entirely be his home office, then yes, I did add these to cost of property for depreciation purposes. Holiday ChEAr$, Harlan Lunsford, EA n LA << ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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| Sole proprietor (SP) maintains office in home, files Sched C and Form 8829 (among others). On the 8829 he uses 15% as the business use percentage for indirect expenses. During '06 improvements to home include both backyard deck and kitchen repair/remodeling. As indirect expense on 8829, may SP expense the entire appropriate amount (15%) or must he depreciate? -HW "Skip" Weldon Columbia, SC << ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
| Tags |
| depreciate, expense, home, improvements, office |
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