Enter home office information (1040 only)
Follow these steps to calculate the home office deduction.
- Open theAsset Listwindow for an activity.
- SelectAddto add a new asset, or select an asset thenModify.
- If adding a new asset, enter a description of the asset, an in-service date, and any additional information in the association fields.
- In theAsset Detailwindow, select theHome Officetab.
- Select the type of asset being used for business from the dropdown list for theType of home office assetfield.noteIf you selectHomeorImprovements, other fields in the window are available for data entry. If you selectLand, you don't need to enter any additional information.
- If you want to use the simplified option to calculate the allowable home office deduction, selectUse simplified optionand, in theSimplified Home Officewindow, mark the checkbox for the applicable home and selectOK.
- 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.
- Enter the remaining information.
- SelectDoneto return to theAsset Listwindow.
