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Depreciation

Enter home office information (1040 only)

Follow these steps to calculate the home office deduction.
  1. Open the
    Asset List
     window for an activity.
  2. Select
    Add
     to add a new asset, or select an asset then
    Modify
    .
  3. If adding a new asset, enter a description of the asset, an in-service date, and any additional information in the association fields.
  4. In the
    Asset Detail
     window, select the
    Home Office
     tab.
  5. Select the type of asset being used for business from the dropdown list for the
    Type of home office asset
     field.
    note
    If you select
    Home
     or
    Improvements
    , other fields in the window are available for data entry. If you select
    Land
    , you don't need to enter any additional information.
  6. If you want to use the simplified option to calculate the allowable home office deduction, select
    Use simplified option
     and, in the
    Simplified Home Office
     window, mark the checkbox for the applicable home and select
    OK
    .
  7. If you entered more than 1 home office for this client and you're adding improvements or land assets, select the proper home office option to differentiate whether the asset belongs to home office #1 or #2.
  8. Enter the remaining information.
  9. Select
    Done
     to return to the
    Asset List
     window.

This article applies to:

  • Product: UltraTax CS
  • Return type: 1040 Individual
  • Subject: Depreciation

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