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Mortgage interest deduction for home office

I have taken a portion of my mortgage interest for a home office deduction for my S-Corp. I have the completed K-1 for the business (TurboTax Full Service Business), but I don't see how that portion is captured on my personal taxes (TurboTax Premier Desktop). My schedule A still has 100% of the interest included. How do I capture this in TurboTax?

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4 Replies
RobertB4444
Employee Tax Expert

Mortgage interest deduction for home office

Your S-corp isn't entitled to a home office deduction in the same way that a sole-proprietorship on schedule C would be able to.  So the system is not rolling the interest over for you.  If you want to take a deduction for the office portion of your home expenses that is fine.  But you will need to make the entries into the 1120-S and into your 1040 manually.

 

@Fran D 

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Mortgage interest deduction for home office

So, they exist in the 1120-S, rolled up into a generic "office expense." How do I account for that on the 1040?

PatriciaV
Employee Tax Expert

Mortgage interest deduction for home office

Whatever portion belongs to your personal residence would be reported as Mortgage Interest and Property Taxes in TurboTax Premier under Deductions >> Your Home. Because you are allocating these expenses between a business return and your personal Form 1040 return, you will need to do the allocation calculations yourself.

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Mortgage interest deduction for home office

I figured this out. There's a box to check on the 1098 step-by-step page that states, "The interest amount I entered is different from what's on my 1098." I then I add a supporting statement to identify the portion claimed on my 1120-S.

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