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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?
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Answered in 5 minutes by:
3/9/2018
Richard
Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 57,040
Experience: 32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
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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!

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Customer reply replied 4 months 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!

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Customer reply replied 4 months 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. :)

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Customer reply replied 4 months 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
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Experience: 32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
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Customer reply replied 4 months 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.

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