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I recently sold my home purchased 20 yrs ago. It has always been my primary residence but in summer of 2015 I tried a home business and filed federal claiming my mostly external office as ‘non-residential real property’ on 4562 which got me a $160 depreciation deduction. The business office did not work for me and I only…
I filed my taxes with a CPA in previous years but using FreeTaxUSA for 2023 tax year. On my Schedule C my CPA has been taking depreciation since 2020 for my home office (business use of home) using the mid-month straight line method at 31.5 years. However, when I input my home office expenses using FreeTaxUSA (note, I put…
I had a tough time phrasing the question, so I apologize for any confusion. Basically, I claimed the home office deduction when I first started my business, from 2007-2012. Starting in 2013 I leased a commercial office, and from 2013-2023 I didn't claim a home office. Starting in 2024, however, I am back to working from…
I have a small business and have entered expenses in Schedule C. I would think that the more write-offs I enter my overall taxable income should be reduced, thereby increasing my Federal Refund. But the opposite happens. For example, if I enter Office Expenses, my Federal Refund amount is reduced. If I take the Home Office…
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