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    alex1491's Avatar
    alex1491 Posts: 3, Reputation: 1
    New Member
     
    #1

    Feb 19, 2007, 12:08 PM
    Schedule C home depreciation and effect on eventual sale of home in the future
    I am debating if I should take depreciation on my personal home onto my federal schedule C.
    Let me explain, My gut feeling tells me that when I eventually sell my personal home I will be forced to add back all the depreciation I have taken on my schedule C for all those past years as income for when I sell the personal house. To a lesser extent, I am concerned about those blasted potential audits by the IRS, which I rather not have.
    I already allocate a portion of my real estate taxes, but do I have to do the depreciation ?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,771, Reputation: 846
    Senior Tax Expert
     
    #2

    Feb 19, 2007, 06:35 PM
    No, you do not HAVE to do the depreciation. That is unusual, but it is an option on Business Use of the Home.

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