All Things Tax

All Things Tax

Like the title says, from the filing process and tax questions to tax policy and reform, you can search and share All Things Tax here. This is the place to find answers to all your general questions that don't fall under the other categories. And just a reminder: questions about software or online filing should be posted in DIY Products.

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Pioneer
Posts: 1
Registered: ‎05-17-2017
Accepted Solution

Home Office Deduction and Documentation

Hello!

 

I am completing my taxes online using the H&R Block Professional Tax service, and I was asked to complete a Schedule C for my business, where I included information about my home mortgage interest, etc. 

 

Should I also input this information separately (as given on my 1098 form from the mortgage company) with my personal taxes?

Tax Pro
Posts: 5,617
Registered: ‎02-23-2016

Re: Home Office Deduction and Documentation

HI BRatliff,

 

Welcome to the H&R Block community.

 

You can deduct the part of your mortgage interest and real estate taxes that was not deducted on Schedule C on your Schedule A for the personal deduction.

 

The deduction on Schedule C is for the home office area of your house only.  Let's say the area of your house is 1,000 square feet and the area of your home office is 100 square feet.  Let's say your mortgage interest is $5,000.  Your deduction on Schedule C is equal to 5,000 x 10% which is equal to $500.  So your Schedule C deduction is $500 and your personal deduction on Schedule A is the remaining $4,500.

 

In the online software you should be able to see what your home office deduction is on the summary screen if not before that.

 

If you have any other questions I'll be glad to help.

 

Louis,

Senior Tax Advisor (Tampa, FL)