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Level 2
posted Feb 26, 2020 4:07:06 PM

Safe Harbor Election Form

I have read everything I could on this subject but something is missing.  I entered my home office business expense as required under the business section.  As soon as I input the "entire mortgage interest" as requested in TT, it increased my refund by $1,000.  What I was trying to do is enter furniture expenses of $1,100 and $800 (which I did) so that the Safe Harbor Election Form will pop up but I am not seeing it anywhere.  Where have I gone wrong?   And why the mortgage interest increase my refund even though it is entered elsewhere?

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1 Replies
Employee Tax Expert
Feb 28, 2020 3:51:55 PM

If you are reporting a home office and want to use the safe harbor, you will not enter the mortgage interest in that section. The safe harbor is also called the "Simplified Option". That is what you want to choose. 

Next, you may add assets. You might be able to use bonus depreciation or the 179 deduction and claim the entire cost. That is not the same as safe harbor.