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Level 3
posted Oct 5, 2024 8:24:16 AM

If i receive a K-1 from a business venture and also receive a W-2 from them, can I take a Home office deduction if all my business is from my house?

0 5 16003
5 Replies
Level 15
Oct 5, 2024 9:42:26 AM
Level 15
Oct 5, 2024 9:48:59 AM

what type of entity/ an s_corp or partnership? if so, there are rules for an S_Corp shareholder/ S-corp to take the HO deduction or if you were an employee of a partnership that later in the year became a partner and your w-2 was discontinued, then you may be entitled to a HO deduction for the portion of the year you were only a partner (really unclear), if this is your situation again there are specific rules that must be followed. 

Level 3
Oct 5, 2024 9:51:49 AM

To clarify I am an owner in the K-1 Venture.  It  also pays me wages.  I work at home because there is not another office to work from.  So this work to help the promote and carry on the functions of the K-1 business cannot be deducted on my tax return? 

Level 3
Oct 5, 2024 9:53:38 AM

This business is a 1120-S 

Level 15
Oct 5, 2024 9:56:44 AM