Solved: Schedule C line 30 with multiple businesses
Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
TurboTax has you covered during Covid. Get the latest stimulus info here.
cancel
Showing results for 
Search instead for 
Did you mean: 
CC78X
Returning Member

Schedule C line 30 with multiple businesses

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!

1 Best answer

Accepted Solutions
ThomasM125
Employee Tax Expert

Schedule C line 30 with multiple businesses

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.

 

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

2 Replies
ThomasM125
Employee Tax Expert

Schedule C line 30 with multiple businesses

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.

 

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

CC78X
Returning Member

Schedule C line 30 with multiple businesses

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

Dynamic AdsDynamic Ads
v
Privacy Settings