Real Estate Law

Have real estate law questions? Ask a real estate lawyer.

Ask a Lawyer,
Get an Answer ASAP!

This answer was rated:

I am claiming home office. The cost of acquiring a home,

will it be the purchase...
I am claiming home office. The cost of acquiring a home, will it be the purchase price or something else?
Show More
Show Less
Ask Your Own Real Estate Law Question
Answered in 5 minutes by:
3/9/2018
Richard
Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 56,571
Experience: 32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
Verified

Hi! My name is Richard & I will be helping you today! It will take me a few minutes to type a response to your question. Thanks for your patience!

Ask Your Own Real Estate Law Question
Customer reply replied 1 month ago
Good afternoon Richard! Thank you

Good afternoon. It would not be the purchase price unless you're purchasing a condominium where you don't own any of the underlying land. If you have a free standing home or a townhouse where you actually own the land, the purchase price needs to be allcoated between the land value and the actual home. Land is not depreciable; so only the improvemnts are eligible for for the depreciation deduction attributable to your home office deduction.

Thank you so much for allowing me to help you with your question. I have done my best to provide information which fully addresses your question. If you have any follow up questions, please ask! If I have fully answered your question(s) to your satisfaction, I would appreciate you rating my service as Good or Excellent (i.e., 4 or 5 stars)(hopefully Excellent/5 stars!). Otherwise, I receive no credit for assisting you today. I thank you in advance for taking the time to provide me a positive rating!

Ask Your Own Real Estate Law Question
Customer reply replied 1 month ago
Thank you for your quick reply, Richard. It is a freestanding house with about 1/4 acre around it and since we bought the house, we did not do any improvements.

You're very welcome. In that case just deduct the value of the land itself from the purchase price and that will be the amount eligible for depreciation. :)

Ask Your Own Real Estate Law Question
Customer reply replied 1 month ago
Ah ok...and I'm guessing the local county property appraiser will have information on the value of the house and land right?

Yes...they do break it down for you. :)

Richard
Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 56,571
Experience: 32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
Verified
Richard and 87 other Real Estate Law Specialists are ready to help you
Ask your own question now
Customer reply replied 1 month ago
Awesome! Thank you so much for your help. Much appreciated sir. You take care and have a wonderful weekend! :)

My pleasure! And, I hope you have a great weekend as well! It's been my honor and privilege to help you with this. If I can help you in any way in the future, I'll be happy to help. For easy access, my bookmark is: www.justanswer.com/law/expert-legalbeacon/ . Or, simply request “Richard only” in the first line of your question.

Thank you so much for the 5-star rating! I know rating takes an additional step and I truly appreciate you taking the extra time!

Ask Your Own Real Estate Law Question
Was this answer helpful?
Ask Richard Your Own Question
Richard
Richard
Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 56,571
56,571 Satisfied Customers
Experience: 32 years of experience as lawyer in Texas. I'm also a Real Estate developer.

Richard is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises!

Gary B.Edmond, OK

My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer.

EricRedwood City, CA

I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.

MichaelWichita, KS

PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent.

Three H.Houston, TX

Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!!

ElaineAtlanta, GA

It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem.

TonyApopka, FL

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

< Previous | Next >

Meet the Experts:

Tina

Tina

Lawyer

5,436 satisfied customers

17 years of legal experience including real estate law.

Barrister

Barrister

Lawyer

11,126 satisfied customers

17 years real estate, Realtor. Landlord 26 years

Infolawyer

Infolawyer

Lawyer

7,785 satisfied customers

Experienced lawyer

Ray

Ray

Lawyer

7,559 satisfied customers

Texas Attorney for 30 years dealing in real estate

LawTalk

LawTalk

Attorney

6,207 satisfied customers

I have 30 years legal experience. Additionally, in CA I held a Real Estate Broker's license.

Dimitry Esquire

Dimitry Esquire

Attorney

5,526 satisfied customers

JA Mentor, multiple jurisdictions, specialize in business/contract disputes, estate creation & admin

Ely

Ely

Counselor at Law

4,925 satisfied customers

Qualified attorney in private practice including business, family, criminal, and real estate issues.

< Previous | Next >

Related Real Estate Law Questions
We own a townhouse in Peoria, AZ. When we purchased the unit
We own a townhouse in Peoria, AZ. When we purchased the unit (ten or so years ago), we were told that we could rent out the unit on a week to week basis. About a year later we received a letter from t… read more
Barrister
Barrister
Lawyer
Doctoral Degree
11,126 satisfied customers
LIEN EXPENSE QUESTION: Officers of a Condominium Owner's
LIEN EXPENSE QUESTION: Officers of a Condominium Owner's Association (COA) are considering filing a lien on the condominium unit of a Co-Owner for non-payment of that unit's share of the insurance pre… read more
PaulmoJD
PaulmoJD
Attorney At Law
Doctoral Degree
106 satisfied customers
COA Interest Charge Question -- When an Owner in Condominium
COA Interest Charge Question -- When an Owner in Condominium Owner's Association (COA) doesn't pay their share of critical assessments as needed (e.g. COA property insurance), how can their share be p… read more
Infolawyer
Infolawyer
Lawyer
Doctoral Degree
7,785 satisfied customers
I purchased a townhouse with my then boyfriend. We are
Hi I purchased a townhouse with my then boyfriend. We are splitting up and my question is " Can I sell my portion of the house and the money we made on it?" … read more
Barrister
Barrister
Lawyer
Doctoral Degree
11,126 satisfied customers
Does a condominium file taxes? The condominium has an EIN #
does a condominium file taxes? The condominium has an EIN # … read more
Lori
Lori
Juris Doctor
1,062 satisfied customers
Is it illegal for a condominium association HOA (or counsel
Is it illegal for a condominium association HOA (or counsel hired by the HOA) to threaten to a homeowner's mortgage bank to foreclose on that homeowner's condo in pursuit of an assessment charged by t… read more
Attyadvisor
Attyadvisor
Doctoral Degree
7,687 satisfied customers
In Boston, Ma if Condominium documents say a unit must be
In Boston, Ma if Condominium documents say a unit must be used pursuant to Boston zoning codes, do condominium associations have the right to further restrict that use.… read more
Infolawyer
Infolawyer
Lawyer
Doctoral Degree
7,785 satisfied customers
I own a condominium unit and am also president of the
I own a condominium unit and am also president of the association board. One of the other owners has a neighbor problem that she wants to resolve by having the board establish and amendment to the mas… read more
Phillips Esq.
Phillips Esq.
Attorney
JD
19,229 satisfied customers
Our 8 condos were built in 1996 and 8 townhouses (2 units
Our 8 condos were built in 1996 and 8 townhouses (2 units each) were built in 1997. I purchased my condo in 2014. According to actual dues paid and some original owners (condos and townhouses) our 8 c… read more
Phillips Esq.
Phillips Esq.
Attorney
JD
19,229 satisfied customers
HOA OFFICER INSURANCE QUESTION: When a condominium
HOA OFFICER INSURANCE QUESTION: When a condominium association / home owner's association (HOA) is required to carry Officer Indemnity insurance under the terms of the HOA's Enabling Declaration for t… read more
LegalGems
LegalGems
Juris Doctorate
11,587 satisfied customers
I live in a large condominium with approximately 150 units.
I live in a large condominium with approximately 150 units. The condo was built back in 2002. At the time it seemed certain units were built with AC and had the electrical wires and everything all set… read more
Lori
Lori
Juris Doctor
1,062 satisfied customers
I live in a townhouse. The board is requesting a change in
I live in a townhouse. The board is requesting a change in the by-laws. They are saying we can not use the inside of our garage for storage. We will only be allowed to put items along the walls. Can t… read more
Lori
Lori
Juris Doctor
1,062 satisfied customers
We signed a contract to purchase a townhouse. The Seller
We signed a contract to purchase a townhouse. The Seller made declarations that the property was in good condition. They answered a list of questions in the negative pertaining to existing damage. We … read more
Olivia Kent
Olivia Kent
Managing Partner
Doctoral Degree
2,855 satisfied customers
Can a condominium unit be owned in fee simple. If so,
Can a condominium unit be owned in fee simple. If so, how...since your physical ownership in a condominium is "the innermost paint layer"? As I see it everything else is owned in common...more like a … read more
LegalGems
LegalGems
Juris Doctorate
11,587 satisfied customers
1)I am the purchaser of a condominium unit at a judicial
1)I am the purchaser of a condominium unit at a judicial foreclosure sale. The association took possession of the property prior to the foreclosure sale, rehabbed it and rented it and was taking the r… read more
Lori
Lori
Juris Doctor
1,062 satisfied customers
My daughter wants to purchase a townhouse in Margate
My daughter wants to purchase a townhouse in Margate Florida. The seller of the townhouse removed an interior wall on his own without ever getting a building permit or inspection. He is selling the ho… read more
Barrister
Barrister
Lawyer
Doctoral Degree
11,126 satisfied customers
If the pipes in the walls burst in a rented townhouse and
If the pipes in the walls burst in a rented townhouse and tinder it uninnhabital … read more
Damien Bosco
Damien Bosco
4,153 satisfied customers
We live in a townhouse ( of a condominium association) on
We live in a townhouse (pat of a condominium association) on the Windward side of Oahu in Hawaii. When we bought our townhouse in 1995, there were many trees in the front and back of our unit. Over th… read more
Infolawyer
Infolawyer
Lawyer
Doctoral Degree
7,785 satisfied customers

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

Show MoreShow Less

Ask Your Question

x