Schedule C Expenses

dawnntax17 · ‎May 31, 2019

How specific should I be when listing "office supplies"?
Is a mortgage payment or ONLY the interest and insurance an expense?

MinhT · ‎May 31, 2019

You do need to give details of office supplies (item by item or receipt by receipt). You just enter the amount you paid for office supplies for your business in 2016. Just keep the receipts in your tax records.

As for your mortgage payment for your business, you can only deduct interest and mortgage insurance. These amounts are given in the form 1098 that you should receive from your mortgage company. The repayment of loan principal included in your mortgage payments is not deductible.

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View solution in original post

MinhT · ‎May 31, 2019

You do need to give details of office supplies (item by item or receipt by receipt). You just enter the amount you paid for office supplies for your business in 2016. Just keep the receipts in your tax records.

As for your mortgage payment for your business, you can only deduct interest and mortgage insurance. These amounts are given in the form 1098 that you should receive from your mortgage company. The repayment of loan principal included in your mortgage payments is not deductible.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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Schedule C Expenses