I'm employed but started home business w/roommate. I own home (roommate does not). How do we each report home business? Can I deduct portion of my mortgage/utilities?

What form do I use to report a startup home based business operated with another person that I am not married to? I own the home. Can I deduct a portion of my mortgage / utilities that are used for home based business? How do we each report the business expenses/income on TurboTax?

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1 Best answer

New Member

Jun 4, 2019 12:35:07 PM

You probably should look at filing a partnership return. This is the correct way to report your situation. You would need to use TurboTax Business (Not Home&Business) to prepare it.

New Member

Jun 4, 2019 12:35:07 PM

You probably should look at filing a partnership return. This is the correct way to report your situation. You would need to use TurboTax Business (Not Home&Business) to prepare it.

New Member

Jun 4, 2019 12:35:08 PM

But yes, all of your expenses would be deductible.

New Member

Jun 4, 2019 12:35:14 PM

Thanks for the info.

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I'm employed but started home business w/roommate. I own home (roommate does not). How do we each report home business? Can I deduct portion of my mortgage/utilities?