I've had my taxes professionally prepared for the last 6 years. I am doing my taxes myself this year with Turbo Tax Premier and have a few questions.
I was an independent contractor and had a home office. Last year (2020), I had carryover expenses on Form 8829 lines 43 & 44. I no longer work as an independent contractor. I am now a W2 employee. Do I lose this carryover?
I live in CA. My new employer requires me to use my home office because they do not have room for me at their administrative office. Since CA allows for home office expenses, can I claim the above carryovers for my state taxes this year?
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No, you cannot claim the carryover loss for a business that is closed. If the business ends, any unused expense is lost.
No, you cannot claim the carryover loss for a business that is closed. If the business ends, any unused expense is lost.
Not the news I wanted but, thank you for taking the time to answer my question.
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