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January 21, 2025
Question

self employed new roof

  • January 21, 2025
  • 1 reply
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where exactly do I enter a new roof as  self employed in 2023 tax return ?

Thanks 

    1 reply

    January 21, 2025

    What was this new roof for?   Was it part of a home office or was it on a building that is exclusively used for business?

     

    If this was for a home office, where only part of the building is used for work, you would enter this in the home office section.  After you enter all of the questions about your home office, you will come to a section that says Depreciating your home.  Here you will select "An improvement to your home" and then walk through the steps to enter the roof cost.  Remember to keep the receipts until you sell the home as this will be part of the cost basis of your home and this information will be needed when you do sell your home. To get back to edit your home office information, you would click the following:

    1. Federal
    2. Income and Expenses
    3. Review next to your business
    4. Review again on the next screen by your Business name
    5. Scroll down then click Add expenses for this work
    6. Scroll down click edit next to your home office


    If this is for a structure that is not attached to your home and is exclusively used for business then you will list this as a business asset in the business income and expense section of TurboTax. 

     

    To get there you will select the following:

    1. Business income and expenses
    2. I'll choose what I work on
    3. Start or update next to Business income and Expenses
    4. Edit next to your business profile
    5. Start next to Business Assets

    Your exact navigation may vary based as the online program provides users with unique scenarios based on their situation.

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