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February 21, 2025
Question

My self employment home office expenses are showing as amount to carry forward, can I not apply this amount to this tax year

  • February 21, 2025
  • 2 replies
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    2 replies

    February 21, 2025

    only the business portion of qualified residential interest and property taxes are deductible without limitation. after deducting these expenses from business net income, other expenses are only deductible to the extent of remaining profit.

     

    be care full of the column - direct expenses vs indirect expenses

    Direct expenses benefit only the business part of your home.
    They include painting or repairs made to the specific area or
    rooms used for business. Enter 100% of your direct expenses on
    the appropriate line in column (a).
    Indirect expenses are for keeping up and running your entire
    home. They benefit both the business and personal parts of your
    home. Generally, enter 100% of your indirect expenses on the
    appropriate line in column (b). this would include mortgage interest, taxes and most other expenses like utilities and general repairs

    February 21, 2025

    only the business portion of qualified residential interest and property taxes are deductible without limitation. after deducting these expenses from business net income, other HO expenses are only deductible to the extent of remaining profit.