For prior years before 2018 - such as Year 2017 within TurboTax - it allows you to create a deduction entry for Home Office at your residence as an EMPLOYEE of an employer. It is allows you to build a home office entry with information that includes both residential mortgage interest and also including utilities, real estate taxes, and casualties (and NOT the simplified method but the actual expenses method).
But when a major storm (ie hailstorm ) causes damage to your residential property (that has a home office for employee use) - you can use the interview within Deductions/Credits for CASUALITIES & THEFTS to build a entry for such an event. In the the interview Casualty or Theft Event -- Can the employee/individual indicate this type of Property is a business income producing property or must it remain classified as a 'personal property???
And also lastly back the the Employee Expense - Related to the home office Expense - it cites a interview form for information on Casualties = very vague on "excluding the employee's AGI for that specific business"(or employer) - meaning AGI may be related to other sources of income with exclusion to that employer or business ?
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Rules changed starting with the 2018 returns ... certain items are no longer deductible as you can see.
This questions is about 2017 and NOT 2018 turbotax
Can the employee/individual indicate this type of Property is a business income producing property or must it remain classified as a 'personal property??? OK ... you must think of the home office business portion of the home as a separate situation from the residential portion ... so the loss must be divided into personal and business and reported in the correct places for each situation.
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