Question

Why is my home office deduction maxed out at $485 when it should be the square footage of 234 times $5 = $1170?

Forum|Forum|5 years ago
July 13, 2020
1 reply
0 views

It's keeping it at $485 even after deleting the home office and reposting it.

TurboTax Self Employed Online

Employee

Do you have a Net Profit?

Some expenses, such as home office or section 179 depreciation can only be used to reduce your schedule C taxable income to zero, and not to create a loss. Excess deductions for these carry over to the next year. And you have to answer yes to both questions about exclusive and regular use, not just one. The area of your home office must be used regularly and exclusively for business to deduct it.

Or you checked the box on 32b saying Some Investment is Not at Risk.