What is the "Book Value" of a house?

[laflechedumais99]

I have worked from home in 2016. In the section entitled "Complete, if applicable, the following for your business' Québec income and expense statement", there are 3 unclear questions.

1) There is a question about the "Book Value". What is the Book Value of a house?

2) In the same section, does the "Name and address of the financial institution that handles your current account transactions " question refer to the bank that handled my house mortgage or my everyday transactions as these are indeed 2 different banks.

3) The last question is simply "Postal Code". This is the postal code of what exactly? Of the house I was in when I was working from home, the postal code of the bank in the point 2) or my current postal code (where I currently live as I moved in December).

[TurboTaxLise]

This is the TP128.V correct?

[laflechedumais99]

Nope! This is for the TP-80 B1 form when entering info pertaining to my previous house in which I did business from. It's in the "INCOME & EXPENSES" under the "Business summary" sub category.

[TurboTaxLise · Accepted solution]

1) There is a question about the "Book Value". What is the Book Value of a house?

Book value refers to the value of the movable property or inventory, also refers to the immovable property such as land if any, the cost of these items. (if any)

2) In the same section, does the "Name and address of the financial institution that handles your current account transactions " question refer to the bank that handled my house mortgage or my everyday transactions as these are indeed 2 different banks.

Your house (immovable property) mortgage because that is where you conduct part of your business ventures

3) The last question is simply "Postal Code". This is the postal code of what exactly? Of the house I was in when I was working from home, the postal code of the bank in the point 2) or my current postal code (where I currently live as I moved in December).

Postal Code to the financial institution that is financing your house where you conduct some business ventures.

Note: if you go to "Forms" view, you will see the actual form (TP80 B-1) may be a little clearer for you to understand. It's sometimes gets confusing when you only see part of the form.  Hope this helps.

[laflechedumais99]

Thank you for all your answers! 🙂 Looking at the actual form also helps. Turbotax could certainly be a LOT clearer by adding more info for those terms (and other ones as well) and by being more consistent with the terms' naming. I could see something like this - my mother tongue is French btw so forgive improper use of some of my words: => Book Value (the balance of your mortgage and/or any other loan type such as HELOC, etc.) I do have both a Mortgage AND an HELOC (Home Equity Line of Credit) on this house. So I imagine that I include both balances for them in the "Book Value" amount. => I don't understand the difference between "Name and address of creditor" and the "Name and address of the financial institution that handles your current account transactions"? To me, they are the same. Adding the second one just makes it confusing for no reason. I see that it's part of the TP-80 B1 form so there must be some information that just eludes me. => "Postal Code" could be "Postal code of the financial institution that handles your current account transactions". These could be hyperlinks opening a popup dialogue with above explanation. Enough blabbering for now 😉

[TurboTaxLise]

Merci. I'm glad you got it all figured out now. I will note your comments. You have a great day.