- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Deductions & credits
Q. I have a second home, used entirely for business. Where/how would I deduct this on SCH C?
A. You deduct the expenses individually, e,g. mortgage interest on line 16a of Sch C, utilities of line 25, and property tax on line 23. TurboTax (TT) will present entry screen(s) for each of these expenses. There will be a separate entry for Depreciation of the building asset, which will go on line 13.
How are you using a "second home" "entirely for business"? If the home is being rented out, then it is entered differently.
‎August 8, 2024
6:18 AM