Discussion:Business use of home: carryover

From TaxAlmanac, A Free Online Resource
Note: You are using this website at your own risk, subject to our Disclaimer and Website Use and Contribution Terms.

From TaxAlmanac

Jump to: navigation, search

Discussion Forum Index --> Basic Tax Questions --> Business use of home: carryover
Discussion Forum Index --> Tax Questions --> Business use of home: carryover

Kirthe (talk|edits) said:

22 October 2008
Year one, taxpayer has home office with expense carryover. Year two, does not use the home office (exclusively), but will do so in year three.


Does he lose the carryover expenses from the first year? 8829 asks for the c/o from the previous year, but the form would not have been filed in year two. Or for year three, can you just bring forward the carryover amounts?

Death&Taxes (talk|edits) said:

22 October 2008
I see no reason why this could not be done.

EZTAX (talk|edits) said:

22 October 2008
I am not in the office now so I can't look it up but if there is SE profit in year 2 can it be taken then?

Riley2 (talk|edits) said:

23 October 2008
Any amount not deducted as a result of the taxable income limitation can be carried forward to the next year. In this case, I think you can argue that the amount not deducted in year 2 is the result of the taxable income limitation.

Kirthe (talk|edits) said:

23 October 2008
Thanks for the input. I've run this in ProSeries, it allows the carryover to be deducted in year 2 despite home office at 0%, (so just subject to self-employment limitation, of which there is income in this case.) But year 2 was this past year! So I'll just carryover for year 3 unless there's a regulation that prevents it.

To join in on this discussion, you must first log in.
Retrieved from "http://www.taxalmanac.org/index.php/Discussion:Business_use_of_home:_carryover"
Personal tools