2007-03-05 09:14:41 · 4 answers · asked by ganeshk1 2 in Business & Finance ➔ Taxes ➔ United States
No, you can only depreciate business property or rental property.
2007-03-05 10:04:42 · answer #1 · answered by Judy 7 · 2⤊ 0⤋
No, because you have not capitalized it as a fixed asset.
Basically, this means you aren't using your home as a business property. And no, you can't turn a room into a home office and depreciate it either. Nice try. You can legitimately deduct utilities and rent as a portion of total square footage if you are operating a business out of your home and you can deduct office expenses.
In your case, you can take off mortgage interest and personal property taxes and think about the business you wish to start.
2007-03-05 17:24:49 · answer #2 · answered by scottyhb 2 · 2⤊ 1⤋
No, unless you were using part of it for business purposes such as renting a part of your property. If you were not using your property for business purposes then you cannot depreciate it....
2007-03-05 17:25:37 · answer #3 · answered by pootfart3 3 · 0⤊ 0⤋
No, and you wouldn't want to either. If you could, the depreciation allowed or allowable would increase your gain when you sold.
2007-03-05 17:26:25 · answer #4 · answered by Bostonian In MO 7 · 2⤊ 0⤋