Home office deduction with 1065-K1

[mrblack66]

So I need to upgrade again from HOME AND BUSINESS?  Why?  What is going on with Turbo Tax. They give free advice and software for most  people  then the small business owners get stuck paying for it.

[wardufus]

I have the same situation, which I have solved over the  past few years by using another copy of turbo-tax and in it using the home office deduction calculator as if my k-1 income was from a Sched C business income and then putting that number in Sched E as a business expense not paid by the k-1 partnership. Too bad there's no home office deduction calculator for k-1 related expenses, but the system I propose here seems to work well.  Of course, it is important to note that I am not a tax accountant.

[mrblack66]

Ward

Great suggestion. I will give it try and see if it creates any issues.  I used to have some Schedule C income along with my business   no was never an issue until  this year where I dont have any.  Why I am confused by all of this .  appreciate your response.

[Kerry Kurin]

I have a question but did not know where to post it after scanning 9 pages this comes closest. I JUST HAVE an LLC not a Partnership so maybe this is the wrong place. I own 2 homes outright. My personal home and one my girlfriend lives in. My home office is in her house (different location). While doing the Home Business it puts in my personal residence and not the actual place my office is at. How do I get the correct address into the spot where Home Office Address is and not my personal residence. Am I filing this wrong or placing the home office wrong. Thank you

[MonikaK1]

If you have a Single Member LLC and are reporting your business on a Schedule C as a disregarded entity, you can claim home office expense on Schedule C.

Generally speaking, to qualify for the home office deduction, you must meet one of these criteria:

• Exclusive and regular use: You must use a portion of your house, apartment, condominium, mobile home, boat or similar structure for your business on a regular basis. This also includes structures on your property, such as an unattached studio, barn, greenhouse or garage. It doesn't include any part of a taxpayer's property used exclusively as a hotel, motel, inn, or similar business.
• Principal place of business: Your home office must be either the principal location of your business or a place where you regularly meet with customers or clients. Some exceptions to this rule include daycare and storage facilities.

Please see this TurboTax article and IRS Publication 587 for more information on the deduction for business use of a home.

See also this help article on reporting two locations for a home office.