Changed my business address from home to renting an office as well as changing from a sole proprietorship to a single member LLC, What do I do in Turbotax Premier

[h787]

I had a home office for my sole proprietorship reported on my schedule C. In July I switched to a single member LLC and moved to my business to an office which I rent. How do I account for these changes in Turbotax Premier? 

[CarolC · Accepted solution]

Since you changed your entity classification to a single member LLC, everything pretty much remains the same.  You are still able to report your business income and expenses on a Schedule C.

However, you will need to update the name and address of your business in the self-employment section of TurboTax.  You will need to add your Employer ID Number as well.  Your office rent will be a business expense reported on Line 20b - amounts paid to rent or lease other property, such as office space in a building.

You will report your home office expenses up to the date you moved in July.  Next year, you will report that you no longer have a home office.