Worksheet For Form 8829 - Worksheet To Figure The Deduction For Business Use Of Your Home - 2016

ADVERTISEMENT

Worksheet to Figure the Deduction
for Business Use of Your Home
Worksheet for
2016
Form 8829
(Keep for your records)
Name(s) as shown on return
Tax ID Number
Use this worksheet if you file Schedule F (Form 1040) or you are an employee or a partner.
PART 1 - Part of Your Home Used for Business:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1.
Area of home used for business
1.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2.
Total area of home
2.
. . . . . . . . .
3.
3.
Percentage of home used for business (divide line 1 by line 2 and show result as percentage)
%
PART 2 - Figure Your Allowable Deduction
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4.
Gross income from business (see instructions)
4.
(a)
(b)
Direct
Indirect
Expenses
Expenses
. . . . . . . . . . . . . . . . . . . . . .
5.
Casualty losses
5.
6.
Deductible mortgage interest and qualified mortgage
. . . . . . . . . . . . . . . . . . . .
6.
insurance premiums
. . . . . . . . . . . . . . . . . . . . .
7.
Real estate taxes
7.
. . . . . . . . . . . . . . . . . .
8.
Total of lines 5 through 7
8.
. . . . . . . . . . . . . . . . . . . . . . . . . .
9.
9.
Multiply line 8, column (b), by line 3
. . . . . . . . . . . . . . . . . . . . . . . . . . .
10.
Add line 8, column (a), and line 9
10.
. . . . . . . .
11.
Business expenses not from business use of home (see instructions)
11.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
12.
Add lines 10 and 11
12.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
13.
13.
Deduction limit. Subtract line 12 from line 4
14.
Excess mortgage interest and qualified mortgage insurance
. . . . . . . . . . . . . . . . . . . . . . . . .
premiums
14.
. . . . . . . . . . . . . . . . . . . . . . . . .
15.
15.
Insurance
. . . . . . . . . . . . . . . . . . . . . . . . . . .
16.
Rent
16.
. . . . . . . . . . . . . . . . .
17.
Repairs and maintenance
17.
. . . . . . . . . . . . . . . . . . . . . . . . . .
18.
18.
Utilities
. . . . . . . . . . . . . . . . . . . . . .
19.
19.
Other expenses
. . . . . . . . . . . . . . . . . .
20.
Add lines 14 through 19
20.
. . . . . . . . . . . . . . . . . . . . . . . . .
21.
Multiply line 20, column (b) by line 3
21.
. . . . . . . . . .
22.
Carryover of operating expenses from prior year (see instructions)
22.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
23.
Add line 20, column (a), line 21, and line 22
23.
. . . . . . . . . . . . . . . . . . . . . .
24.
Allowable operating expenses. Enter the smaller of line 13 or line 23
24.
. . . . . . . . . . . . . . . . .
25.
Limit on excess casualty losses and depreciation. Subtract line 24 from line 13
25.
. . . . . . . . . . . . . . . . . . . . . .
26.
26.
Excess casualty losses (see instructions)
. . . . . . . . . . . . . . . . . . . .
27.
Depreciation of your home from line 39 below
27.
28.
Carryover of excess casualty losses and depreciation from prior year (see instructions)
28.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
29.
Add lines 26 through 28
29.
. . . . . . . . . . .
30.
30.
Allowable excess casualty losses and depreciation. Enter the smaller of line 25 or line 29
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
31.
Add lines 10, 24, and 30
31.
. . . . . . . . . . . . . . . . . . . . . . . . .
32.
Casualty losses included on lines 10 and 30 (see instructions)
32.
33.
Allowable expenses for business use of your home. (Subtract line 32 from line 31.) See instructions
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
for where to enter on your return
33.
PART 3 - Depreciation of Your Home
. . . . . . . . . . . . . . . . . . . .
34.
Smaller of adjusted basis or fair market value of home (see instructions)
34.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
35.
35.
Basis of land
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
36.
Basis of building (subtract line 35 from line 34)
36.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
37.
Business basis of building (multiply line 36 by line 3)
37.
. . . . . . . . . . . . . . . . . . . . . . . . . . .
38.
38.
Depreciation percentage (from applicable table or method)
%
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
39.
39.
Depreciation allowable (multiply line 37 by line 38)
PART 4 - Carryover of Unallowed Expenses to Next Year
. . . . . . . . . . . . . . . . . .
40.
40.
Operating expenses. Subtract line 24 from line 23. If less than zero, enter -0-
. . . . . . . .
41.
41.
Excess casualty losses and depreciation. Subtract line 30 from line 29. If less than zero, enter -0-
WK_8829.LD

ADVERTISEMENT

00 votes

Related Articles

Related forms

Related Categories

Parent category: Financial
Go