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Sale of a personal residence with a home office
If you entered a home office in the Asset module, UltraTax CS automatically treats it as
UltraTax CS treats a home office you enter in the asset module as part of the personal residence. For business property located in a personal residence, you don't have to allocate the basis of the property or the amount realized business and personal. You also don't need to report the sale of the business portion on Form 4797. Any depreciation allowed or allowable after May 6, 1997, is not allowed to be excluded.
Sale information, including depreciation, for assets placed in service after May 6, 1997 is on the Home Sale Worksheet. Home offices not located within a personal residence need to be manually allocated between the business and personal portions and entered in the Sale and Home Screens for proper reporting.