Firstly, I receive a W-2 and a K-1 from an LLC of which I am one of the members. I work from home. Can I claim home office expenses?
I've already input the square footage for the business area (10%) and specified the duration of use (3 out of 12 months) for this office. I began using a part of my home as an office in October, hence the 3-month duration. It has been consistently utilized for business purposes since then. TurboTax automatically fetches the annual mortgage interest from the 1098 form. Now, I need to include details for real estate taxes, utilities, repairs, homeowner's insurance, and HOA fees. Should I enter the whole year's amount or prorate it for the 3 months?
TurboTax only mentions it will prorate the amount based on the percentage of the home used as a home office. It doesn't mention prorating based on the time the space is used as a home office. This is confusing for me.
Thank you for your help!
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