I co-own a multi-member llc. We are taxed as a partnership not taxed as an S-corp. I received a K-1. Where/how do I enter my business expenses (home office, etc)?

The simplified deduction for your home office is $5 per square foot, up to 300 square feet. The deduction for an office that is 300 square feet would be $1,500.

For more information on Home Office Deduction - The Home Office Deduction - TurboTax Tax Tips & Videos

 

If the K-1 is from a partnership, does your partnership agreement require you to pay office expenses out of your own pocket?

• If yes, you will need to calculate the expenses and enter them into TurboTax.
• If no, you won't be able to take a deduction for office expenses.

After you have calculated the expenses for your home office you can go through the Schedule K-1 entry.  To enter the K-1 and the related home office expenses, please follow these steps:

1. Enter K1 in the Search box, then jump to K1
2. In the S-Corps, Partnerships, and Trusts section click on the box next to Schedule K-1.  
3. Click Yes on the next screen, Did you receive any Schedules K-1?
4. On the Tell Us About Your Schedules K-1 screen.  Click on the Start/Update box next to the type of entity (partnership, S-corporation, or trust/estate) that issued the K-1.   
5. If you have already entered K-1 information, you will see a Summary screen.  Click Add Another K-1 to enter your information  (or click on Edit to continue with the existing form entry).  
6. If you haven't started entering K-1 information, continue through the screens, entering the requested information.
7. When you come to the screen, Describe the Partnership, select the box  I am required to pay supplemental business expenses . . .   
8. On the Unreimbursed Partnership Expenses screen, click the blue Yes box.
9. On the screens that follow you will be asked about vehicle expenses, assets, and other categories of expenses.
10. When you get to the Miscellaneous Supplemental Expenses screen, enter the allowable expenses for the business use of your home from the worksheet you used from IRS Pub. 587 - Business Use of Your Home.  

 

 

Hello, 

I posted questions about a K-1 business and also doing a home office deduction.

I have a supplemental business on a form C so do I have to do the home office

on the form C the business is really an S corp partnership so we get K-1's from our business return.

i do not know how to find my own questions I have posted today.

Look under your profile to find your posts.