topic Business Expense - Home office in Business & farm

Business Expense - Home office

jrivera2 — Fri, 12 Mar 2021 03:26:07 GMT

Hi,

I've spent a couple of hours with a TT Expert and I could not get an answer for the following question.

In the section below but specifically the "Real Estate Taxes" - Am I supposed to re-enter the property tax paid for the entire home even though it was entered in the section "Your home" where you enter the 1098 information? Or am I supposed to leave it blank?

Some guidance here would be greatly appreciated.

Re: Business Expense - Home office

SundayInSalem — Fri, 12 Mar 2021 04:57:54 GMT

Enter all you mortgage interest, mortgage insurance premiums and property taxes in the home office section. TurboTax will carry the non-business portion to Deductions & Credits. Do not enter those items in Deductions & Credits if you have a home office.

Re: Business Expense - Home office

jrivera2 — Fri, 12 Mar 2021 05:36:52 GMT

Thank you @SundayInSalem

So to confirm , I don’t enter any real estate information here but I do enter the insurance and other non-mortgage expenses for the entire home?

I was expecting TT to pull the the tax details as it does with the interests but it doesn’t.

Under what situation would I add a value for real estate tax on this screen.

thank you very much for the help.

Re: Business Expense - Home office

MarilynG1 — Fri, 12 Mar 2021 19:00:25 GMT

Enter your Mortgage Interest, Property Tax, Home Insurance, Utilities, etc. in the Home Office section. Indicate you want TurboTax to calculate the % pertaining to your Home Office (based on % of square footage) using the Actual Expenses option.

Set up your home as a Business Asset, and based on the square footage of your Home Office, a portion of Depreciation is attributed to your Home Office expenses. Remember that you may have a Depreciation Recapture when you stop using your Home Office.

Click this link for detailed info on Home Office Assets.

This link has info on deducting whole house amounts for your home office.