TP lives in California. On their sch A they are only allowed to take $10,000 (of the $18,567 )deduction.
When depreciating their home office, I don't think I can put the entire amounts of real estate and mortgage as indirect expenses.
Can someone clarify this please?
Thank you
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Dear George,
I am a tax professional with a question.
If you enter the home office expenses on the 8829 the software should do the work. You didn't mention which software you are using.
To understand this, use the IRS resources:
https://www.irs.gov/publications/p587
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