| Pub. 587, Business Use of Your Home |
2004 Tax Year |
This is archived information that pertains only to the 2004 Tax Year. If you
are looking for information for the current tax year, go to the Tax Prep Help Area.
Form 8829 Expenses for Business Use of Your Home 2004. Summary: This is an example of the 2004 Form 8829 with items completed per text. Additionally, the following line items are
completed:
|
“Name(s) of proprietor(s)” field contains John Stephens
|
|
“Your Social Security Number” field contains 465-00-0001
|
|
Under
“Part I: Part of Your Home Used for Business”:
|
|
“1. Area used regularly and exclusively for business, regularly for day care, or for storage of inventory or product samples
(see
instructions)” field contains 200
|
|
“2. Total area of home” field contains 2,000
|
|
“3. Divide line 1 by line 2. Enter the result as a percentage” field contains 10%
|
|
“7. Business percentage. For day-care facilities not used exclusively for business, multiply line 6 by line 3 (enter the result
as a
percentage). All others, enter the amount from line 3” field contains 10%
|
|
|
Under
“Part II: Figure Your Allowable Deduction”:
|
|
“8. Enter the amount from Schedule C, line 29, plus any net gain or (loss) derived from the business use of your home and shown
on Schedule D
or Form 4797. If more than one place of business, see instructions” field contains 25,552
|
|
“12b. Add lines 9, 10, and 11 Indirect expenses” field contains 5,500
|
|
“13b. Multiply line 12, column (b) by line 7 Indirect expenses” field contains 550
|
|
“17b. Insurance Indirect expenses” field contains 400
|
|
“18b. Repairs and maintenance Indirect expenses” field contains 1,400
|
|
“19b. Utilities Indirect expenses” field contains 1,800
|
|
“21b. Add lines 16 through 20 Indirect expenses” field contains 3,600
|
|
“23. Carryover of operating expenses from 2003 Form 8829, line 41” field contains 0
|
|
“25. Allowable operating expenses. Enter the smaller of line 15 or line 24” field contains 660
|
|
“31. Allowable excess casualty losses and depreciation. Enter the smaller of line 26 or line 30” field contains
271
|
|
|
Under
“Part III: Depreciation of Your Home”:
|
|
“35. Enter the smaller of your home's adjusted basis or its fair market value (see instructions)” field contains 130,000
|
|
“36. Value of land included on line 35” field contains 20,000
|
|
“37. Basis of building. Subtract line 36 from line 35” field contains 110,000
|
|
“38. Business basis of building. Multiply line 37 by line 7” field contains 11,000
|
|
“39. Depreciation percentage (see instructions)” field contains
2.461%
|
|
Publications Index | 2004 Tax Help Archives | Tax Help Archives Main | Home
|
