Home Office Expense with Turbo Tax?
Hi. I have Turbo Tax 2007 Home and Business. I started a new company last year. No revenues - only expenses. I rent where I live. I tried to add my ho...
Hi. I have Turbo Tax 2007 Home and Business. I started a new company last year. No revenues – only expenses. I rent where I live. I tried to add my home office as an expense, but it didn’t work with Turbo Tax. I think it’s a bug in the software. I was on the phone for an hour with their tech support, and he had the same issue. Does anyone know which fields I can fill out to over-ride their software and enter my deductions? I looked on the form, and it’s going to bring my home office expenses over to 2008. Not sure why. Thanks. And, I know it’s last minute being April 14th and all.
It doesn’t sound like a glitch to me. You are limited as to how much loss you can take in one year, and office in home is even more restricted.
Your business (Schedule C) can only show a $3000 loss in any one year, with the balance carried forward to future years.
However -there are special limitations to the home office expense. They can NOT be used to put you into a loss situation. So if you already have no income…it will automatically have to carry forward any home office expense, as there is not income to put it against this year.
Do not override it – it is calculating correctly.
Again – in a nutshell: You may not use home office expense if it makes your schedule C a loss (or if it is already in a loss situation). It must be carried forward.
Yes, I had a hard time going in there too,
but once I did the Derpreciation, try
that, home office expenses came up
automatically, I think its because you can
also depreciate office equipment and so
its automatic. Good luck!!!
Type in search at the top (office deprecia-
tion or office equipment and see what
comes up)