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!
You'll need to sign in or create an account to connect with an expert.
you may not qualify for the HO deduction. the area in the home must be used regularly and exclusively for business purposes. The area used for business must be used on a continuing basis. Occasional or incidental business use does not net the regular use test, even is used for no other purpose. A specific part of a taxpayer's home must be used for business purposes only. While there is no requirement that the business portion of a room be physically separated from the rest of the room by a wall, partition or other demarcation. But, any personal use of the space, no matter how small, means the exclusive use fails and therefore no HO deduction.
Hi Mike,
Apologies for not being clear earlier. 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.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
malvinchip
Level 1
uzonduisrael
New Member
wufibugs
New Member
lydiagp7090
Returning Member
rlundberg-pbidfw
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.