Tom Question MMK

[care-care]

Ok I am printing form for our accountant and I have a question...
When I began business I entered my home on the date I took my first child for depreciation. Now this is my second year in business..
Do I enter it again in jan 2011 ? or is it something that keeps moving forward with the software? Im confused becuz If i enter it in and put date of actual began service in 2010 it asks me if im sure.And if I enter it starting 2011 I end up with it two times in my report Do I get same depreciation for 39 years? or does it adjust to a time space thingy?
THANKS!

[TomCopeland]

Depreciation

When claiming depreciation, enter the date when the item was first used in your business. That date will remain the same in subsequent years. When depreciating your home, you will get the same depreciation percentage after the first year (2.564%). If your time-space percentage is the same, the depreciation amount will be the same. If the T/S% goes up or down, your depreciation amount will got up and down.

[care-care]

so then every year I re enter my home into mmk and put the date i opened?

[care-care]

does anyone know? I need to put this in and drop these off today?

[TomCopeland]

home

You don't have to reenter your home into MM each year. Save your depreciation report from the first year you started depreciating your home.