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FORM 8829, HOME OFFICE DEDUCTION IS TAKEN EVEN WHEN THE BUSINESS ACTIVITY HAS LOSS, IN PROSERIES. THIS MUST BE FIXED

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Level 1

PROSERIES IS TAKING HOME OFFICE DEDUCTION EVEN WHEN THE BUSINESS ACTIVITY HAS LOSS.

THIS SHOULD BE FIXED

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Level 8

Real estate taxes and mortgage interest are allowed.

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Level 7
Level 7
As long as property tax is not limited by SALT and mortgage interest is not limited on Schedule A, the program is correct.
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Level 10
Level 10
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
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Level 3
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?
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Level 8

Real estate taxes and mortgage interest are allowed.

View solution in original post

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Level 15

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.

Former Chump... umm.... AllStar.
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