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New Member

Please explain "Deductions relevant to this business that are deducted elsewhere on this return (e.g., interest on a loan to purchase the condo)?'

 
4 Replies
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Level 15

Please explain "Deductions relevant to this business that are deducted elsewhere on this return (e.g., interest on a loan to purchase the condo)?'

You are posting from TurboTax Live.  You can arrange for the Live help you are paying the extra fee for with your questions from  5 a.m. to 5 p.m. Pacific time Monday - Friday.

https://ttlc.intuit.com/questions/4124827-how-do-i-connect-with-a-tax-expert-in-turbotax-live

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Employee Tax Expert

Please explain "Deductions relevant to this business that are deducted elsewhere on this return (e.g., interest on a loan to purchase the condo)?'

Many expenses are tax deductible. However, taxpayers are entitled to take the expenses only once per return. TurboTax is verifying that the expenses that have been entered are not entered anywhere else in the program.

 

If you are reporting a home office deduction, for example, TurboTax will automatically split the business and personal use portions when entered in the Home Office Deduction area. In other words, do not enter it again in your personal deductions area of the interview.

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New Member

Please explain "Deductions relevant to this business that are deducted elsewhere on this return (e.g., interest on a loan to purchase the condo)?'

Hi KathrynG3,

 

Thanks for your reply xmasbaby0.  I'm still a little confused, though.  In the column "net amount", I happen to have a loss, part of which is due to interest that I paid on a loan to purchase rental condo.  Do I need to list this interest on the box next to "Deductions relevant to this business that are deducted elsewhere...?

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Employee Tax Expert

Please explain "Deductions relevant to this business that are deducted elsewhere on this return (e.g., interest on a loan to purchase the condo)?'

Try entering the net loss as negative.  For an example, if your net loss is $1000, try entering it -1000.

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