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Returning Member

As a Stock Trader with home office can I report my Capital Gains on line 8 Sch C along with my Home Office expenses , instead of Sch d ?

That's what I thought, thanks

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Returning Member

As a Stock Trader with home office can I report my Capital Gains on line 8 Sch C along with my Home Office expenses , instead of Sch d ?

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?

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New Member

As a Stock Trader with home office can I report my Capital Gains on line 8 Sch C along with my Home Office expenses , instead of Sch d ?

Hi,

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. 

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New Member

As a Stock Trader with home office can I report my Capital Gains on line 8 Sch C along with my Home Office expenses , instead of Sch d ?

Hi Colleen,

Thanks for your help.

To confirm:

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?

Thanks.

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New Member

As a Stock Trader with home office can I report my Capital Gains on line 8 Sch C along with my Home Office expenses , instead of Sch d ?

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. 

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Level 15

As a Stock Trader with home office can I report my Capital Gains on line 8 Sch C along with my Home Office expenses , instead of Sch d ?

your choice

A)

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. 

or B)

type 8829 and then clicking on the first item in the list. you'll be asked to set up a schedule C.