Business use of home schedule F carryover

Forum|Forum|5 years ago
February 7, 2021
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According to Turbo Tax (H&B) my actual 2020 farming business use of home of $1,944 should be entered on Schedule F line 32 as "business use of home" $1,944.

Due to a 2020 farm loss (before the business use of home expense) my deduction may not be taken in 2020 but needs to be carryedover to 2021.

How do I enter that on line 32 (or elsewhere)?

RayW7

If you transferred last year's TurboTax return over, you don't have to do a thing—we've already entered it for you.

Otherwise, just open your TurboTax return, search for capital loss carryover, and then select the Jump to link in the search results.

We'll take you to the screen where you can enter that info from your prior year return.

If your business expenses related to the home are greater than the current year's limit, you can carry over the excess to the next year in which you use actual expenses. They are subject to the deduction limit for that year, whether or not you live in the same home during that year.