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April 18, 2023
Question

business home office

  • April 18, 2023
  • 1 reply
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I have one business and rental property. My business made a lot of money, but the rental had a loss because of a vacancy and lots of expenses to repair and get the apartment ready to rent.

In TT, under my profitable consulting business, I added home office expenses. (I rent another office space which I also use and listed those expenses too.) I zoom with clients from home often. I put that 20% of my work is done in the home office. My home rent is high, so there was a pretty big total expense. At the end of the section, TT said that since there was a loss in the business (which there was not), that I could not use that expense this year (but I guess it would carry over.) 

It seems that TT is not working properly on my profitable business expenses. I have triple checked to make sure I entered it under my consulting business, not my rental.

Help!

1 reply

Employee
April 18, 2023

Are you using Schedule C or your rental rather than a Schedule E?

 

 

 

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