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samiabusaad
Returning Member

When I enter assets under Personal Deductions & Credits, the estimated expense for the assets is always zero. Why is that? I have a W-2 job and am self-employed.

 
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2 Replies

When I enter assets under Personal Deductions & Credits, the estimated expense for the assets is always zero. Why is that? I have a W-2 job and am self-employed.

W2 job expenses are no longer deductible on schedule A as a personal deduction.   Only on schedule C as a self employment  business expense.

samiabusaad
Returning Member

When I enter assets under Personal Deductions & Credits, the estimated expense for the assets is always zero. Why is that? I have a W-2 job and am self-employed.

Thanks so much for the response. 

I am also a trader in securities. So, I enter my gains on Form 4979 and business expenses (trading programs and other computer related expenses) on Schedule C, but I don't know where to enter my home office expense (i.e., rent and utilities portion allocated to the office)? Since I entered  trading income on Form 4979 and the business expenses on Schedule C, I have a net loss on Schedule C, and when that's the case, the home office expense becomes not deductible under Schedule C. Is there any other place I can enter home office expense? Thanks so much, and if you can reply timely, I would be ever so grateful. 

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