Schedule C line 30 with multiple businesses

[CC78X]

Hi!

I run multiple businesses out of the same home office.  Form 8829, line 36 calculates the allowable expenses for business use of the home, and says "If your home was used for more than one business, see instructions."  Those instructions state "If your home was used in more than one business, allocate the amount shown on line 36 to each business using any method that is reasonable under the circumstances. For each business, enter on Schedule C, line 30, only the amount allocated to that business."

My question is:  Does TurboTax calculate the amount appropriate to each business when it moves this number over to each Schedule C?  And if not, is it correct that I must change the numbers given in the Schedule C manually, in the forms themselves?

Thank you!

[ThomasM125 · Accepted solution]

You will have a separate form 8829 for each business you enter in TurboTax. So, when you add the expenses for the home, you need to prorate them for each business.

For instance, if you paid rent of $20,000 for your home and ran two businesses out of it, you would enter $10,000 of rent expense for each home office. So, you would have a form 8829 for each schedule C for the two businesses, and the amount on line 36 of each form 8829 would appear on each schedule C.

[CC78X]

Thank you!  This is what I thought, and I greatly appreciate the confirmation.