I had used 2017 home & business version to close out a business I have unallowable operating expense for that year. How do I carry over into 2018 deluxe version?
The IRS says:
"If your business expenses related to the home are greater than the current year's limit, you can carry over the excess to the next year in which you use actual expenses. They are subject to the deduction limit for that year, whether or not you live in the same home during that year."
The home office expenses cannot be carried over to a year where there is no net income from self employment.
What kind of unallowable expenses are being carried over?
If the business was discontinued, carried over items are usually closed out on the return for the year the business was closed.
If you indicated on the 2019 return that you closed the business, you should have been prompted to report the disposition of assets.
On 8829 line 42 if helps. For some reason would not give me the part home office expense. Carryover of unallowable expenses to 2018.
This was a business had in Missouri thru 2017. 2018 I worked a regular job with
W2
I am working on 2018 taxes
The IRS says:
"If your business expenses related to the home are greater than the current year's limit, you can carry over the excess to the next year in which you use actual expenses. They are subject to the deduction limit for that year, whether or not you live in the same home during that year."
The home office expenses cannot be carried over to a year where there is no net income from self employment.