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Posted by Seth Breidbart on December 9, 2006, 6:42 am
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>> I stopped using my home office for business on 3/06; I
>> depreciated the home office portion of my house for about
>> four years. I have not sold my home, but I am no longer
>> self employed, so it looks like I must report the total
>> depreciation of the home office space on Form 4797 as a
>> Section 1250 gain and pay capital gains for the total
>> depreciation (reported on Schedule D) for the 2006 tax year.
>>
>> If this is correct, I assume I use the date I stopped using
>> the home office as the date sold (Form 4797 line 19) and I
>> can leave the gross sales price (line 20) and cost/other
>> basis/expenses of sale (line 21) both blank.
> Nope. There's no sale of the home, so no gain to report for
> the home office.
When he eventually sells (say, in 3 years) is there any tax
treatment for the depreciation, or does it get forgotten?
Seth
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