rathy
Level 1
12-07-2019
04:31 AM
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PROSERIES IS TAKING HOME OFFICE DEDUCTION EVEN WHEN THE BUSINESS ACTIVITY HAS LOSS.
THIS SHOULD BE FIXED
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taxiowa
Level 9
12-07-2019
04:31 AM
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As long as property tax is not limited by SALT and mortgage interest is not limited on Schedule A, the program is correct.
Terry53029
Level 14
12-07-2019
04:31 AM
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The portion of property taxes and mortgage interest for the home office can be deducted even with a loss, unless, as Taxiowa said about SALT, but not other expenses
Turtle43
Level 3
12-07-2019
04:31 AM
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I am looking for guidance in this area. So if a Schedule C has a loss, they can still potentially take the deduction on Business Use of Home (Form 8829).
If in Schedule A, State Income Tax is $8K, Property Tax is 4K with total of $12K and SALT limit is $10K. Then property tax cannot be taken in Form 8829? But if State Income Tax is $5K and Property Tax is $4K, total $9K, SALT limited no reached, then a portion of property tax can be deducted in Form 8829?
For Mortgage Interest, if a couple MFJ has over $750K new mortgage loan taken out after 12/15/17, they will not be able to take Mortgage Interest in Form 8829?
If in Schedule A, State Income Tax is $8K, Property Tax is 4K with total of $12K and SALT limit is $10K. Then property tax cannot be taken in Form 8829? But if State Income Tax is $5K and Property Tax is $4K, total $9K, SALT limited no reached, then a portion of property tax can be deducted in Form 8829?
For Mortgage Interest, if a couple MFJ has over $750K new mortgage loan taken out after 12/15/17, they will not be able to take Mortgage Interest in Form 8829?
TaxMonkey
Level 8
12-07-2019
04:31 AM
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Real estate taxes and mortgage interest are allowed.
abctax55
Level 15
12-07-2019
04:31 AM
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What needs to be fixed is your shift key....
Interest & taxes ARE allowed, even if it translates into an overall loss on the Schedule C. The rest of the expenses are suspended/carried over.
"*******Tax software is no substitute for a professional tax preparer*******
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