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I own a home where my office is part of this home. how can I claim part of the mortgage payment as part of my business expenses?

 
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AmandaR1
New Member

I own a home where my office is part of this home. how can I claim part of the mortgage payment as part of my business expenses?

Yes, mortgage interest and depreciation expense on the home, are deductible under the home office 'total home costs' (indirect expenses). The mortgage payment itself is not deductible because you get depreciation for the entire house as an asset. Depreciation expenses systematically deducts the value of your home. The software asks all the relevant questions to calculate the deduction for you.  


Entering Mortgage Interest For the Home Office Deduction: 

It depends, on how you answered the question about how you want to enter your expenses for the home office. The software will give you the option of entering your total home expenses for the year or if you would like to enter the total deduction amounts. The software recommends for you to choose Yes, I'll enter my total expenses & let the software allocate the deduction.. (calculation is complicated and software asks all relevant questions)

If you selected to enter your total expenses, you'll enter all of your mortgage interest in the home office section. You can then review the amount being allocated to your personal itemized deductions under Federal Taxes >> Deductions & Credits >> Your Home >> Mortgage Interest

If not, then you'd enter the deductible amount under the home office and under the personal section. The software instructions are specific in the home office screens, based on the selections you made, so when you review the area you'll know what selection you made. To review your home office, first Edit the applicable business and then Edit home office from within.


Let me know if you have any follow up questions.

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1 Reply
AmandaR1
New Member

I own a home where my office is part of this home. how can I claim part of the mortgage payment as part of my business expenses?

Yes, mortgage interest and depreciation expense on the home, are deductible under the home office 'total home costs' (indirect expenses). The mortgage payment itself is not deductible because you get depreciation for the entire house as an asset. Depreciation expenses systematically deducts the value of your home. The software asks all the relevant questions to calculate the deduction for you.  


Entering Mortgage Interest For the Home Office Deduction: 

It depends, on how you answered the question about how you want to enter your expenses for the home office. The software will give you the option of entering your total home expenses for the year or if you would like to enter the total deduction amounts. The software recommends for you to choose Yes, I'll enter my total expenses & let the software allocate the deduction.. (calculation is complicated and software asks all relevant questions)

If you selected to enter your total expenses, you'll enter all of your mortgage interest in the home office section. You can then review the amount being allocated to your personal itemized deductions under Federal Taxes >> Deductions & Credits >> Your Home >> Mortgage Interest

If not, then you'd enter the deductible amount under the home office and under the personal section. The software instructions are specific in the home office screens, based on the selections you made, so when you review the area you'll know what selection you made. To review your home office, first Edit the applicable business and then Edit home office from within.


Let me know if you have any follow up questions.

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