Reference no: EM13793427
How to calculate depreciation for business of the home. The information is below:
Coles purchased their present residence in April 2010, they devoted 450 of the 3,000 square feet of living space to an office for David. The property cost $440,000 ($40,000 of which is attributable to the land) and has since appreciated in value. Expenses relating to the residence in 2013 (except for mortgage interest and property taxes; see below) are as follows:
Insurance ……………………………………………………… $2,600
Repairs and maintenance ……………………………………… 900
Utilities ………………………………………………………… 4,700
Painting office area; area rugs and plants (in the office) ………. 1,800
• In terms of depreciation, the Coles use the MACRS percentage tables applicable to 39-year non residential real property. As to depreciable property (e.g., office furniture), David tries to avoid capitalization and uses whatever method provides the fastest write-off for tax purposes.
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How to calculate depreciation for business of the home
: How to calculate depreciation for business of the home. Coles purchased their present residence in April 2010, they devoted 450 of the 3,000 square feet of living space to an office for David. The property cost $440,000 ($40,000 of which is attributa..
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