How much is the depreciation of your home in a home office tax deduction?

Lydia PatelAug 6, 20241m 0s998 viewsScore 75
Pricing & Profitability
intermediate
Tax Strategy
Expenses
Bookkeeping
M

Summary

AI-generated

This video explains how to take a home office tax deduction by calculating the depreciation of your house. This requires determining the fair market value, comparing it with county records, and confirming with a CPA.

Key insights

  • A CPA compared the recent appraisal with the county property records office data to determine the fair market value, land value, and building improvements for the house.

Mistakes to avoid

  • Don't calculate depreciation without consulting a CPA, as it can lead to errors in your tax returns.

Tools & resources

  • County Property Records Officewebsite

    Local county property records office, containing information about property assessments and fair market value.

Curated by Learn STR by GoStudioM · Summary & key insights generated by AI · Reviewed by editorial