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Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 3766
Experience:  20+ years of experience in tax preparation; 25+ years of experience as a real estate/corporate paralegal.
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I need assistance with Form 8829 deductions. I run

Customer Question

I need assistance with Form 8829 for home deductions. I run and S Corp and filing an 1120 S obviously but using 8829 for the first time. Having issues with Line 8- if I enter our total net income here from the 1120S - then my net IRS owed goes down quite a bit. But line 8 feeds from the Schedule C which we are not filing. Does Line 8 have to be blank for us? Again entering our net inc for 2015 here favors us if possible.
Submitted: 1 year ago.
Category: Tax
Expert:  Barbara replied 1 year ago.
Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.If the S-Corp issues you a W-2 you can claim your out-of-pocket expenses and your home office as an job related expense. This is entered in Turbo Tax under Personal > Deductions & Credits > Employment Expenses > Job-Related Expenses. You are not allowed to claim a home office deduction based on your K-1 income from an S-Corp like you can from a partnership or a sole proprietorship. If you do not have a W-2 from the S-Corp, renting your home office to the business may be the only way you can take the deduction.Please let me know if I can assist you further.Thank you and best regards,Barb
Expert:  Barbara replied 1 year ago.
Just following up with you to see if you have any other questions or concerns. If so, please come back to me here, and I will be happy to assist you.Best regards,Barb