turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

sewsewsew
New Member

I am Self Employed and built a new studio on my parents property, it is exclusively for my business and is separate from the house. Where do I enter this expense?

It would be similar to renovating my work space, but is a new space. I have not used the usual home office deduction as my parents have allowed me to use the space for free, but I did pay to build my new studio outside the house on my own. I would like to deduct this from my business expenses.
Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
MarilynG
Expert Alumni

I am Self Employed and built a new studio on my parents property, it is exclusively for my business and is separate from the house. Where do I enter this expense?

You could set up the new studio as a Business Asset and deduct the amount you spent to build it either as an Expense or Depreciate it over several years. 

Additionally, you can deduct Home Office Expenses (such as mortgage interest, property tax, insurance, etc.) in proportion to the entire home, even though yours is a separate structure.

For example, if your studio is 500 square feet, and the house is 1500 square feet, you can deduct 33% of those costs that would apply.

Here's more detailed info:

https://turbotax.intuit.com/tax-tips/small-business-taxes/managing-assets/L18WqppFX

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies