I paid 9700 in rent/office space can I deduct

[Melaine · Accepted solution]

Yes, if the rent/office space was for your business you will be able to deduct it as a business expense.  Any expense incurred in the running of a business is deductible.  Here is a list of some of the  Top Tax Write Offs For The Self Employed.   Also, please read the IRS publication on rent expense, page 9 - Publication 535 ( snap shot attached).  You can also read the entire article at IRS Publication 535 for more deductible expenses.  You will be able to record this in Turbo Tax (Self Employed), after recording your business income.  Once you have entered the income for your business,  you will then be prompted to enter expenses and this is where you would add the rent income, (snap shot attached).

[lng22392]

I don't see a snapshot. I also don't see a field in business expenses. Can anyone point to where we enter this?

[MarilynG1]

Type 'schedule c' in the Search area,  then click on 'Jump to schedule c'.

If you have already entered info for your Business, choose EDIT.   If not, you will be asked for details on your business.

Enter your Business Income, then your Business Expenses, where you can deduct business rent  you paid.

In TurboTax Online, you may need to click on 'Show More' to have Building Rent display. 

Click this link for more info on Reporting Business Expenses.