Please explain "Deductions relevant to this business that are deducted elsewhere on this return (e.g., interest on a loan to purchase the condo)?'

 

Deductions & credits

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KathrynG3
Expert Alumni

Deductions & credits

Many expenses are tax deductible. However, taxpayers are entitled to take the expenses only once per return. TurboTax is verifying that the expenses that have been entered are not entered anywhere else in the program.

 

If you are reporting a home office deduction, for example, TurboTax will automatically split the business and personal use portions when entered in the Home Office Deduction area. In other words, do not enter it again in your personal deductions area of the interview.

Deductions & credits

Hi KathrynG3,

 

Thanks for your reply xmasbaby0.  I'm still a little confused, though.  In the column "net amount", I happen to have a loss, part of which is due to interest that I paid on a loan to purchase rental condo.  Do I need to list this interest on the box next to "Deductions relevant to this business that are deducted elsewhere...?

DaveF1006
Expert Alumni

Deductions & credits

Try entering the net loss as negative.  For an example, if your net loss is $1000, try entering it -1000.

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