Vanessa A
Expert Alumni

Deductions & credits

No, you cannot take the Home Office Deduction in Premier, you will need to use Home and Business or Self-Employed to generate the interview questions for the Home Office deduction as these expenses are reported on Schedule C.  This will only work if you are able to report your rental income on Schedule C as well.  

 

If you have been using Premier, it sounds like you report the rental activity as investment activities instead of business activity. These are handled differently.

 

Registering the business as an LLC will not necessarily make your rental activity rise to the level of nonpassive.  You are still doing the same activities.  

 

You may want to contact a local professional to help you determine if you are conducting a business activity or an investment activity. 

 

https://www.irs.gov/taxtopics/tc414

 

 

 

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