This is the first year daughter-in-law qualifies for home office deduction because she never had an area that was used exclusively for her business. When reporting value of home do I use cost of home at purchase six years ago - or value of home at the time of conversion. Cost would mean lower deduction now. Current would have more impact if they were to ever sell.
Is there a choice or is there a "right" way to do it?
- posted 9 months ago