bert@rr-tax-ser
Level 2
02-10-2024
10:27 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
T/P has rental income from the area that used to be T/P home and still uses office area as T/P office. Asset was being depreciated at 50% for home office. There is no separation of expenses for the property.
Labels
bert@rr-tax-ser
Level 2
02-12-2024
08:59 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
The asset is a house that was taken 50% as a home office while the T/P was living in the house. T/p moved and is now renting the part of the home the T/P was living in, but still uses 50% of house for Office.
bert@rr-tax-ser
Level 2
02-12-2024
12:07 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
The rental is paid to the business and there is no separation of expenses between the rental and the office, ie. utilities, insurance, repairs, maintenance, ect. My thought was to take the rental as business income and all the expenses as business expenses, and then the asset at 100% business use?
