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Returning Member
posted Apr 1, 2022 10:48:46 AM

Home Office Expense Carryover

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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3 Replies
Expert Alumni
Apr 1, 2022 1:35:26 PM

No, you cannot claim the carryover loss for a business that is closed. If the business ends, any unused expense is lost.

Expert Alumni
Apr 1, 2022 1:35:36 PM

No, you cannot claim the carryover loss for a business that is closed. If the business ends, any unused expense is lost.

Returning Member
Apr 2, 2022 1:18:16 PM

Not the news I wanted but, thank you for taking the time to answer my question.