The home is entered on depreciation but it is showing the deduction is 0. Why will it not deduct depreciation? The business has a loss but it still should show on depreciation schedule and 8829 right?
Best Answer Click here
In short, did you link the asset(s) to F.8829? If so, it will compute the depreciation, flow it to F.8829, and show the unallowed expenses that would be carried over to 2024.
If your client is not allowed home office (a loss) why would you file the 8829, or show any expenses. It will carry over to next year, if you did not take the simplified method
@sjrcpa I agree with you, and I misspoke in the above answer
How are you reporting the income and expenses? On Sch C? If so, did you link the asset to the activity?
In short, did you link the asset(s) to F.8829? If so, it will compute the depreciation, flow it to F.8829, and show the unallowed expenses that would be carried over to 2024.
NP, @janetk. If the response solved your question, please consider marking it the solution to help others who may have similar questions in the future. Cheers!
@itonewbie It let me mark your answer as solution. Didn't think it would 😁
You have clicked a link to a site outside of the Intuit Accountants Community. By clicking "Continue", you will leave the community and be taken to that site instead.