Yes, this is easily done. However, first know that the amount of your
deduction is limited to the gross income derived from
qualified business use of the home reduced by the business deductions that are
not related to your use of the home. If this limitation reduces the amount of
your deduction, you cannot carryover the difference to another tax year.
Now to the handling for your partnership:
Also
, 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 not, you won't be able
to take a deduction for office expenses.
You will have to use one of the attached
worksheets to figure the actual home office deduction. Either use your detailed
expenses on the Worksheet to Figure the Deduction for Business Use of
Your Home, or the simplified office square footage method (basically
$5 per square foot of office, max of 300 sf up to ) on the Worksheet to
Figure the Deduction for Business Use of Your Home (Simplified Method).
After you have filled out one of these
worksheets, go through the Schedule K-1 questions for your partnership.
On the screen titled Describe the
Partnership, select the box for I am required to pay
supplemental business expenses on behalf of this partnership/LLC for which I am
not reimbursed. (see screenshot below)
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 into the
amount field.
·
Enter Business
Use of Home in the description field.
Note: The amount of the deduction computed using
the simplified method cannot exceed the gross income derived from the qualified
business use of the home for the taxable year, reduced by the business
deductions that are unrelated to the qualified business use of the home.
ref: IRS Publication 587 Business Use
of Your Home
