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I have a husband and wife who both have separate Home Offices that we have been deducting. In December of 2020 they sold the home. I know I need to recognize the business portion of the gain and recapture the depreciation but the software will only allow me to link one disposition of an asset for one home office to the home sale worksheet. How do I link both?
Thank you in advance
Sam
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@SG900RR wrote:
I know I need to recognize the business portion of the gain and recapture the depreciation
Unless the Home Office was a separate structure, you don't need to recognize a business portion of the gain. You only need to factor in depreciation.
As for the depreciation, there is a spot for depreciation on the Home Sale Worksheet. Just fill in that with the depreciation from both Home Offices.