michaelmars Posted February 24, 2008 Report Share Posted February 24, 2008 Got a client that uses 20% of home for business. but this only started 10/1/07 how do i enter the percentage so that sch A items transfer correctly? - anyone have any clues? Quote Link to comment Share on other sites More sharing options...
Pacun Posted February 24, 2008 Report Share Posted February 24, 2008 Nothing automatically. You will have to devide the whole amount by 5 and then you divide it by 6. That will give the amount for office. Quote Link to comment Share on other sites More sharing options...
michaelmars Posted February 24, 2008 Author Report Share Posted February 24, 2008 i figured the entry at top of date business started would do it but oh well -thanks Quote Link to comment Share on other sites More sharing options...
jainen Posted February 24, 2008 Report Share Posted February 24, 2008 >>devide the whole amount by 5 and then you divide it by 6<< Depreciation is no problem because MACRS uses mid-month from the date placed in service. For other expenses such as utilities and mortgage interest, show the amounts paid for the months of business use; Form 8829 will apply the percentage correctly. Other interest not allocated to the business months should be entered directly on Schedule A. Quote Link to comment Share on other sites More sharing options...
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