I'm a contractor and have a home office. When can I claim excess mortgage interest and excess real estate? Does TTax do the calculations if they apply to my situation?

Forum|Forum|3 years ago
February 15, 2023
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Excess mortgage interest and excess real estate

TurboTax Self Employed Online

DavidD66

Can you clarify your question please. What do you mean by "excess" mortgage interest and "excess real estate"?

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user938310317Author

Under section : Home Office Expenses (Turbo Tax), they ask if I had "excess real estate taxes" based on my answer to the following questions:

-If you paid real estate taxes but are not itemizing deductions, do not enter your real estate taxes here. Enter them as excess real estate taxes later.

-If you paid real estate (property) taxes on the entire home, enter this amount here and later go to the Deductions & Credits area and review the property tax information.

I use a small portion of my home as my office, and I am not itemizing deductions. It seems to me that both answers apply to me.

The next page reads:

If you're not able to deduct all of your real estate taxes, you have "excess" real estate taxes. (This is not common.) Do you have excess real estate taxes ?

How do I know if I was able to deduct all my real estate taxes and if I actually have excess real estate taxes?

Thank you so much and I hope this makes sense.

M2J

Did youn get an answer to this? I am trying to understand the meaning of the same questions. I have a home office and pay more than the allowed 10,000 in real estate tax for multiple properties. Do they mean more than 10,000 for just the home office property? And when they ask if I am itemizing deductions do they mean for my home office or my whole personal return?