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Home Office tab

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For 1040 clients only, use the Home Office tab on the Asset Detail window to enter or modify information for home, improvements or land.
This information is available for transfer to UltraTax CS and pertains to the business use of the client's home for a Business, Farm, Emp Bus, Schedule K-1 or Miscellaneous activity.
Complete one of the following to open this tab:
  • For a home that is an existing asset, select the home in the Asset List window, select
    Modify
     then select the Home Office tab.
  • If a home that is a new asset, select
    Add
     in the Asset List window, complete the information on the Depreciation tab then select the Home Office tab.
Inventory module users:
 To open this tab from within the Inventory module (if licensed), open an active inventory, select
Edit
, select
Add Asset
 then select the Home Office tab. For an existing asset, select
Edit
,
Additional Asset Information
 then the Home Office tab.

Fields & buttons

Type of home office asset
Select the home office asset type from the dropdown then press TAB.
  • 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 entered two home offices, select the appropriate
    Home office
     option to distinguish whether the asset belongs to the 1st or second home office.
  • If you select
    Land
     and you entered two home offices, select the appropriate
    Home office
     option to distinguish whether the asset belongs to the first or second home office.
Use simplified option
Select
Use simplified option
 to open the Simplified Home Office window. You can use this window to apply the simplified home office deduction to a home.
note
Fixed Assets CS
 doesn't automatically compare calculation results from the regular and simplified methods. We recommend you review the calculation results from both methods to determine which result is better for your client.
Home office 1
Use the text field to change the description for the client's first home office.
If you entered two home offices, select 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.
Home office 2
Use the text field to change the description for the client's second home office.
If you entered two home offices, select 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.
note
This field is available only if you entered two home offices for this client.
Improvements group box
The field in this group box is available only if you select
Improvements
 from the
Type of home office asset
 dropdown.
Business use percentage
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 the
Type of home office asset
 dropdown.
Total area of home (square footage)
Enter the total area (in square feet) of the home.
Area used exclusively for business
Enter the total area (in square feet) of the home used exclusively for business purposes.
Hours used for day care
Enter the total number of hours in the year during which the home was used for day care purposes.
Hours available for use
Enter the total number of hours in the year, if other than 8,760 (or 8,784 in a leap year).
Day care business use percentage
Displays the calculated day care business use percentage.
Area used regularly and exclusively for day care
Enter the total area of the home used exclusively for day care.
Area used partly for day care
Enter the total area of the home used partly for day care.
Calculated business use percentage
Displays the calculated business use percentage.
Allowable deductions group box
The fields in this group box are available only if you select
Home
 from the
Type of home office asset
 dropdown.
Deductible mortgage interest
Enter the direct and the indirect dollar amounts for deductible mortgage interest.
note
The applicable amounts transfer to Schedule A and Form 8829
in UltraTax CS
.
Deductible mortgage insurance
Enter the direct and indirect dollar amounts for deductible mortgage insurance.
Real estate taxes
Enter the direct and indirect dollar amounts for real estate taxes.
note
The applicable amounts transfer to Schedule A and Form 8829
in UltraTax CS
.
Excess mortgage interest
Enter the direct and indirect dollar amounts for excess mortgage interest.
note
The applicable amounts transfer to Schedule A and Form 8829
in UltraTax CS
.
Insurance
Enter the direct and indirect dollar amounts paid for insurance.
Rents
Enter the direct and indirect dollar amounts paid for rent.
Repairs & maintenance
Enter the direct and indirect dollar amounts for repairs and maintenance expenses.
Utilities
Enter the direct and indirect dollar amounts for utilities expenses.
Excess casualty losses
Enter the dollar amount for excess casualty losses.
Carryover of operating expenses
Enter the operating loss carryover from prior years.
Carryover of casualty losses
From the dropdown, select
1
 to indicate a short-term loss or
2
 to indicate a long-term loss. Enter the casualty or theft loss carryover from prior years in the adjacent field.
Carryover of depreciation
Enter any depreciation carryover from prior years.
Business expense not from business use
Enter any business expense that wasn't from business use.
Other Expenses button
Select to open the Other Expenses window. You can use this window to enter the descriptions and direct and indirect dollar amounts for other expenses.

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