I have a client who received a K1 (His co. with a partner (LLC) - Partnership 1065) from his CPA for his business. He wants to claim a home office deduction on his personal return. After some research, it says you can claim a home office deduction via a LLC on Schedule E, Pat 2. Yes, the income from the K1 shows up on Part 2 but there nowhere to add expenses or additional deductions. And yes, Schedule E is for Rentals.
So, the question: is it possible to take a home office deduction in this scenario and if so what schedule (and I know it's not schedule C).
Best Answer Click here
K-1 worksheet, below Line 20z, is a quickzoom button to UPE Unreimbursed partner expenses, if PS has a way to link the OIH for a partner, thats where it would be.
K-1 worksheet, below Line 20z, is a quickzoom button to UPE Unreimbursed partner expenses, if PS has a way to link the OIH for a partner, thats where it would be.
When in client file. top menu "where do I enter" type in UPE, and go to the UPE worksheet
THAT WAS GREAT.
THANK YOU
I ADDED THE COMMENT UNDER OTHER EXPENSES, HOME OFFICE DEDUCTION
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