Home Office Expense

[carriskoul]

1.) As a sole propietor with a home business expense such as a computer monitor, would I enter this in TT as an expense under "Enter Business Expenses Not Yet Reported" if I do not want to treat it as an asset depreciation?

2.) How would I deduct a business expense (i.e. technical publication purchased for the Payer) in TT if my Payer included that reimbursement amount into the total nonemployee compensation amount in Box 1 of my 1099-NEC?

[Vanessa A]

Yes, you can enter an asset such as a computer monitor as an expense if you do not want to depreciate it if the cost was less than $2,500 under the business safe harbor election.

You would deduct the technical publication purchased for the payer that you were reimbursed for as a miscellaneous other expense or as business expenses not yet reported.  In both areas, you can enter an item description along with the cost. 

  The reimbursement is correctly reported in box 1 of your 1099-NEC which allows you to treat the purchase as your own business expense. 

[carriskoul]

Thank you!

And just to be clear on the terminology, you cited "In both areas..." regarding item 2.

You didn't mean there is another specific TT section (i.e. specific for misc. other expense) to enter the second expense item?

I take it that you meant I can enter both types of expenses, item 1 (monitor) and item 2 (tech paper), in that same respective area "Enter Business Expenses Not Yet reported" - correct?

[TeresaM · Accepted solution]

Yes, you can enter both in the Miscellaneous Other Expenses with a description. 
You might also enter the paper under Legal and Professional fees.
 

Next year the entries will transfer over into the 2023 return and you will want to check Other miscellaneous expenses then to either delete that category or update the amounts.