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Home Office tab

For 1040 clients only, use the Home Office tab of the Asset Detail window to enter or modify information for a home, improvements, or land.
To open this tab, perform one of the following steps.
  • If the home has already been added as an asset, select the home in the Asset List window, select Modify, then the Home Office tab.
  • If the home has not yet been added as an asset, select Add in the Asset List window, complete the information in the Depreciation tab, then select the Home Office tab.

Fields and buttons

Select the home office asset type from the dropdown list, then select the Tab key.
  • If you select
    Home
    , the fields in the Business use of a home and Allowable deductions group boxes become available.
  • If you select
    Improvements
    , the field in the Improvements group box becomes available. If you have entered two home offices, mark a
    Home office
     option to distinguish whether the asset belongs to home office 1 or 2.
  • If you select
    Land
     and you have entered two home offices, mark a
    Home office
     option to distinguish whether the asset belongs to home office 1 or 2.
Select
Use simplified option
 to open the Simplified Home Office window, where you can apply the simplified home office deduction to a home.
Use the box to change the description for the client's first home office.
If you have entered two home offices, mark the adjacent option to select home 1 when you enter land or improvements associated with the first home office. The description you enter is for informational purposes only.
Use the box to change the description for the client's second home office.
If you have entered two home offices, mark the adjacent option to select home 2 when you enter land or improvements associated with the second home office. The description you enter is for informational purposes only.

Improvements group box

The field in this group box is available only if you select
Improvements
 from
Type of home office asset
.
Use this to enter the business use percentage for calculating current depreciation.

Business use of a home group box

The fields in this group box are available only if you select
Home
 from
Type of home office asset
.
Enter the total area of the home (in square feet).
Enter the total area of the home used exclusively for business purposes (in square feet).
Enter the total number of hours in the year during which the home was used for day care purposes.
Enter the total number of hours in the year, if other than 8,760 (or 8,784 in a leap year).
This displays the calculated day care business use percentage.
Enter the total area of the home used exclusively for day care.
Enter the total area of the home used partly for day care.
This displays the calculated business use percentage.

Allowable deductions group box

The fields in this group box are available only if you select
Home
 from
Type of home office asset
.
Enter the direct and the indirect dollar amounts for deductible mortgage interest.
Enter the direct and indirect dollar amounts for deductible mortgage insurance.
Enter the direct and indirect dollar amounts for real estate taxes.
Enter the direct and indirect dollar amounts for excess mortgage interest.
Enter the direct and indirect dollar amounts paid for insurance.
Enter the direct and indirect dollar amounts paid for rent.
Enter the direct and indirect dollar amounts for repairs and maintenance expenses.
Enter the direct and indirect dollar amounts for utilities expenses.
Enter the dollar amount for excess casualty/losses.
Enter the operating loss carryover from prior years.
From the dropdown list, select
1
 to indicate that the loss is short term or
2
 to indicate that the loss is long term. Then, enter the casualty / theft loss carryover from prior years in the adjacent box.
Enter any depreciation carryover from prior years.
Enter any business expense that was not from business use.
Select this to open the Other Expenses window, which you can use to enter the descriptions and direct and indirect dollar amounts for the other expenses.
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