Commissions paid on sale of home

[Absolut]

Deductible or not? Schedule A where?

Aslo can you have two home office on a schedule C? She lived in TN for 4 months, sold her home (which she depreciated for 4 years before she sold it) and moved to Maine, and has a home office where's she renting now.

Thanks for the answers.

[Brian EA]

Deductible or not? Schedule A where?

Aslo can you have two home office on a schedule C? She lived in TN for 4 months, sold her home (which she depreciated for 4 years before she sold it) and moved to Maine, and has a home office where's she renting now.

Thanks for the answers.

Commissions paid for sale of home is included in the expenses to reduce the profit. It is not deducted on sch A .As a matter of fact it is not deducted any where on the return

Client can deduct 2 OIH. I would hope that she claimed the depreciation on her home that was sold

[Absolut]

OIH Depreciation

I've got to do the sale of the home on this years return. Counting this year she took $1879.00 for depreciation, plus $118.00 for Improvements.

[Brian EA]

I've got to do the sale of the home on this years return. Counting this year she took $1879.00 for depreciation, plus $118.00 for Improvements.

You are on the right tract

[Absolut]

OIH Improvements

Ok client sold house, had OIH before selling. I've showed on the depreciation worksheet where the house was sold, but she had put in a "Heat Pump" for $8662.00 in 06/30/01, how do I get this off the drepreciation schedule b/c it sold w/ the house? There is no declared amount on what this sold for, I'm assuming it's included in the what she recieved for the Sale.

[Brian EA]

Ok client sold house, had OIH before selling. I've showed on the depreciation worksheet where the house was sold, but she had put in a "Heat Pump" for $8662.00 in 06/30/01, how do I get this off the drepreciation schedule b/c it sold w/ the house? There is no declared amount on what this sold for, I'm assuming it's included in the what she recieved for the Sale.

It was a personal residence. OIH started before the heat pump was installed. Was the heat pump included in the basis for depreciation? If not just forget it

I dont think I clearly understand what you are saying.

What year did OIH started.

[Absolut]

OIH Depreciation & Improvements

It was a personal residence. OIH started before the heat pump was installed. Was the heat pump included in the basis for depreciation? If not just forget it

I dont think I clearly understand what you are saying.

What year did OIH started.

Sorry about that.
OIH Depr started on 05/01/00 for $124,500.00 {original cost}, they used 11.64% for OIH ($13,043.00 business use used), so I took the following on the sale of the house:

Sale prices was $156,000.00 I reported $18,158.40 towards the share of the business on the worksheet for the Deposition, which is 11.64% of the Sale Price.

Closing Cost were $9,547.00, I took $1,111.00 for Expense of sale, which again is 11.64% of original costs.

Total Depreciation taken including this year is $1698.00

So my program shows a gain of $4,253.
I think I've got this much right.

What I need to know is on the improvements, which were added on 06/30/01 for $8,662.00, using $1,008.26 for OIH use. How do I get rid of this?

[Brian EA]

I am still having problems understandin the improvements. Check your email

[Bird Legs]

Oih

Use percentages. Percentage of the cost of heat pump to residence. Then apply this percentage to the sales price to get the amount the heat pump sold for.

[veritas]

Can't you link the sale in your software?