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Deducting operating expense for business use of home if business income is reported through w-2 and K-1?
We have a home based business (S-Corp). We use TT for Business to file the S-Corp. We receive w-2's and K-1's from the S-Corp. When we try to get a deduction for the business use of home, TT does not allow a deduction for all of the operating expenses because there is no income listed on Schedule C. It instead carries over unalloyed expenses? Can I override this somehow?
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June 4, 2019
5:34 PM
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Business & farm
You as a >2% S corporation shareholder are allowed to claim your home office as an itemized tax deduction (if you meet certain requirements) or you can have the S corporation reimburse you for home office expense (if you meet certain requirements).
June 4, 2019
5:34 PM