ShawnE Posted April 4, 2009 Report Share Posted April 4, 2009 Help Gang, I have a Landscaping client with 4 trucks. He has a small home office, but a huge area for the equipment and trucks. My thought was to input the total lot size then the home office plus area for storage to get percentage. But the form line is "total area of home". AND that percentage is going to scew the utilities. The depreciation is no problem as land isn't depreciated. But it should be reflected in the mortgage interest allocation. help - probably over thinking again Shawn Quote Link to comment Share on other sites More sharing options...
schirallicpa Posted April 4, 2009 Report Share Posted April 4, 2009 Usually your mortgage is attributable to your house, or other buildings, not land. Additionally, property tax is usually mostly on the house, not the land. Our county has a website that lists real property values, as well as tax. On the listing it will indicate value of land vs. value of house. I don't know if your county lists this info so handily, but I would make an allocation based on that. Or sometimes, you're lucky and the lot is taxed separately. But generally, I don't think he should get too much 8829 deduction on real estate tax and mortgage just for a lot where he parks his trucks. Thats my 2 cents anyway..... Quote Link to comment Share on other sites More sharing options...
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