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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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Duplicate question. Please post your question only once. If you want to add more information or post a follow-up question, add a reply to your original question. Do not post separate questions about the same situation. When information is scattered in multiple threads it's confusing and hard to follow, and hard to see the whole picture.
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