Hi, I'd love help on this - I'm prorating my expenses for my self employed home office deductions vs. 3 months of expenses associated with renting out my residence for the summer. I'm just inputing the prorated self employed amounts right now and expect to find Schedule E inputs for the 3-month expenses of prop ins, taxes, utilities, etc. (first time using TurboTax Desktop Home & Business). My question is depreciation - any feedback as to how this software works with this situation? I don't want to double count the depreciation and I itemize what I don't use on Schedule C.
You'll need to sign in or create an account to connect with an expert.
The basis for depreciation should be the same in both Schedule C and Schedule E with regard to the house. The difference will be the dates placed in service and the percentage of business use.
During the time that the house was rented, the percentage of business use will be 100% (unless the tenants did not have access to your home office space).
For your home office, the percentage of business use will be based on the square feet of your office versus the whole house, prorated by the number of months of use during 2021.
Pay close attention as you enter the depreciation in each section. In general, TurboTax may not do the math for you for your special situation.
The basis for depreciation should be the same in both Schedule C and Schedule E with regard to the house. The difference will be the dates placed in service and the percentage of business use.
During the time that the house was rented, the percentage of business use will be 100% (unless the tenants did not have access to your home office space).
For your home office, the percentage of business use will be based on the square feet of your office versus the whole house, prorated by the number of months of use during 2021.
Pay close attention as you enter the depreciation in each section. In general, TurboTax may not do the math for you for your special situation.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
LGW2
Level 1
TheWisdom
Level 3
carolynt2
New Member
lbonnette
New Member
ptn
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.