Question
Home office no longer being used
Hi-
I have a client who used a section of his home as a home office. The prior preparer set the office up to depreciate. The client, after 2 years, has closed the business. I believe I need to recapture the prior depreciation that was expensed, but how would I "dispose" of the home office in the depreciation section without creating a gain or loss. The home was not sold, he is just not doing business out of his home any longer.
Thank you in advance for any help-
Ann
