how many years do you have to wait before converting a home office back to personal use?

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  • how many years do you have to wait before converting a home office back to personal use?


Answer #1 | 19/12 2013 09:10
Zero. Home office deductions can trigger an audit. Be sure to keep extemporaneous and copious records of that office to show it is never used for any purpose other than your real estate practice. You also need to pay capital gains taxes on previously claimed depreciation of that office.
Positive: 79 %
Answer #2 | 19/12 2013 09:18
The instant you decide to do so. Just make sure that you have accurate records in case of an IRS audit.
Positive: 73 %
Answer #3 | 19/12 2013 09:55
you don't
Positive: 53 %
Answer #4 | 19/12 2013 12:52
The moment you stop using it regularly and exclusively for business. Until the new safe harbor rules took effect, you would have claimed depreciation for this use. This depreciation is permanently counted as depreciation. If you sell at a gain, this becomes 1250 gain and is NOT exludible from income under the sale of home rules. This gain is taxed at ordinary rates, but capped at 25%,
Positive: 21 %

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