How do I allocate the business use of my home expenses for my rental income property? Where to I put the Business Use of my home expenses for my rental income property. For Schedule C you use 8829? What do you use for Schedule E?
I find it very difficult to believe that your client meets the home office test on a rental property reported on schedule E. Remember, the area of the home "must" be used exclusively for the rental. Check out Publication 587 to determine whether you actually have a home office. It is doubtful.
If you are actively working from your own rental property, it is not fully considered rental property. YOU cannot have an office in that rental for a personal deduction.
Could it be that part of the property is rental, and another part is bussiness use of home for self employment income or office in home for W-2 income. It is not clear to me from your question.
Could it be possible that it is like a duplex, where you are renting out 50% and the other 5f0% is personal use. Then you would take a percentage of the business use of the personal property and use that percentage for business use or office in home use.
My Rental Property is strictly for Rental investment. My Business Home office is from my primary resident. I handle business for my Tax Business and my Rental Investment Property from my Primary Residence and would like to split the Business Use of my home for both businesses. Is there a way to do this? I do not use the rental property for personal use at all. It 100% Rental.
You can do this simply in Lacerte but not so much in ProSeries...currently searching for a way. On the same note, my client has a home office used for his K-1 income that should be sourced to schedule E as well but ProSeries doesn't seem to make this a simple task.
