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Deductions & credits
Yes, you can. However, it will also be limited.
If you used actual expenses to figure your deduction for business use of the home in a prior year and your deduction was limited, you cannot deduct the disallowed amount carried over from the prior year during a year you figure your deduction using the simplified method. Instead, you will continue to carry over the disallowed amount to the next year that you use actual expenses to figure your deduction.
To enter your home office, vehicle mileage, supplies, and other common business expenses:
- Type Schedule C in the Search box.
- Select the Jump to link.
- If this is your first time working in this section: You’ll be asked some questions about your self-employment work and income and then have a chance to enter your expenses.
- If you have already entered some information about your self-employment work:
- Select Edit next to your business and confirm your general business info if asked.
- Select Add expenses for this work.
- Select an expense type that you had.
- Enter your expense description and amount. (We may ask you some additional questions for certain types of expenses.)
- If you had more than one expense for a type, select Add another group to include them all.
- If you have additional expenses of other types, repeat steps 3 through 5 above to add more.
If you use TurboTax CD/Download Home Business follow these instructions to enter your expenses.
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February 7, 2021
8:09 PM