A self-employed taxpayer who itemized deductions owns a home, of which 10% is used as the taxpayer's primary place of business.
In the table below, enter in the shaded cells in column C the amount allocated to the taxpayer's Schedule C, Profit or Loss form Business. Then, in column D, enter the associated amount to be included on the taxpayer's Schedule A, Itemized Deductions. enter income as positive values and losses and expenses as negative values. If a response is zero, enter a zero (0). Assume that the home office safe harbor is not elected.
A1
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A
B
C
D
1
Income and expenses
Total amount
Amount allocated to Schedule C
Schedule A
2
Gross receipts
$50,000
3
Secretarial expenses
$24,000
4
Supplies
$200
5
Other business expenses
$18,000
6
Expenses related to the home
7
Property insurance
$5,000
8
Mortgage interest
9
Real estate taxes
$10,000
10
Furnace repair
$2,000
11
Kitchen remodeling
$12,000
12
Utilities
$6,000
13
Cleaning services
$1,000
14
Depreciation (tax method for office portion only)
$4,000
15
Net income or (loss)
$0
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