This is a separate question, but I would appreciate your thoughts if you do know the answer. I maintain two residences, each has an office. Can I claim two home office deductions for the same business? I spend about 60% of my time at one, 40% at the other?
As a trader with Trader Tax Status, I still can't get Turbo Tax to accept my Home Office Expense (as gains are in Sch D and expenses are on Sch C). Turbo Tax states due to no income in Sch C, i can't deduct Home Office?
Am i doing something wrong? Or do i just calculate Home Office Exp and include separately as a Misc Exp in Sch C?
Thanks for your help.
a. Regardless of 475 election, annual trading gains/losses are reported on Sch D and expenses on Sch C. The main benefit with 475 election is that is helps remove $3k cap loss limitation and Wash Sale rule. The election of form 475 should have no impact on deducting business expenses, correct?
b. When preparing Sch C (as the gains from annual trading sales are in Sch D), Sch C shows no income. Therefore, I can't deduct Home Office Expense.
Any way to get around this and would you know why this happens? Should I calculate Home Office Expense and include as Misc Expense in Sch C?
Hi, Did you found out how to report home office expenses when there is no income on Schedule C. I know the rules of reporting income on 4797 line 10 and expenses on Schedule C when a mark to market election is timely made. I have the same question as you had. I cant deduct home office expenses because there is no income on Schedule C. nobody answered that question that day.
set up a schedule C to link the HO to. then type 8829 into the search box. there should then appear a list of 3 items click on the first and link the schedule C.
type 8829 and then clicking on the first item in the list. you'll be asked to set up a schedule C.