You should add any storage space to any office space you are using in your home for your Farm business for your total Home Office Deduction square footage. You can then use the following information to enter it into TurboTax Online:
- Within your tax return search Farm Income using the magnifying glass icon in the upper right of the screen
- Click Edit for your Farm income
- Scroll down to Farm Expenses and click Start for Other Miscellaneous Expenses
- You can enter home office expenses for your farm on this screen, but you'll have to use an IRS worksheet to figure out your expenses, first.
We recommend using a worksheet from IRS Publication 587 Business Use of Your Home to figure out your home office expenses.
First, choose only one of these to fill out:
-The Worksheet to Figure the Deduction for Business Use of Your Home is useful for tracking all expenses related to your home office.
-The Simplified Method Worksheet calculates your home office expenses using the size of your home office and a fixed deduction of $5 per square foot when your home office is 300 square feet or less.
Once you've figured out the amount, you can enter it on this screen along with "Business Use of Home" in the description field.
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