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K
kare2k13
April 27, 2023
Question

Cost of Your Home in "tell us about your home" section

  • April 27, 2023
  • 1 reply
  • 0 views

In the deductions section for home office, in the "tell us about your home section", what value is it looking for in the 'cost' section?  Our home was purchased in 1987, and we started using a portion of it for the home office in 2017.  In the "Learn More" link it wants the "lesser of: the item's fair market value or the basis in the asset."  The "fair market value" is considerably more than the purchase price, so what the heck do we enter here???  VERY confusing and unclear.  Thanks.

1 reply

K
KristinaK
April 27, 2023

You enter the "lesser of". If the fair market value on the day you placed it in service was higher than your basis (purchase price, plus improvements, less possible depreciation), then you enter the basis. 

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    K
    kare2k13Author
    April 28, 2023

    Thank you SO much! 

     

    Is there any way you could help with my "mortgage interest" question?  I had only one reply which didn't help.  Thanks.

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