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October 5, 2024
Question

If i receive a K-1 from a business venture and also receive a W-2 from them, can I take a Home office deduction if all my business is from my house?

  • October 5, 2024
  • 3 replies
  • 0 views
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3 replies

October 5, 2024

what type of entity/ an s_corp or partnership? if so, there are rules for an S_Corp shareholder/ S-corp to take the HO deduction or if you were an employee of a partnership that later in the year became a partner and your w-2 was discontinued, then you may be entitled to a HO deduction for the portion of the year you were only a partner (really unclear), if this is your situation again there are specific rules that must be followed. 

pbarberAuthor
October 5, 2024

This business is a 1120-S 

Employee
October 5, 2024
pbarberAuthor
October 5, 2024

To clarify I am an owner in the K-1 Venture.  It  also pays me wages.  I work at home because there is not another office to work from.  So this work to help the promote and carry on the functions of the K-1 business cannot be deducted on my tax return?