Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

This answer was rated:

A sole proprietor with a tentative loss may deduct which of…

a sole proprietor with a...
a sole proprietor with a tentative loss may deduct which of the following for qualified business-use-of-home expenses:mortgage interest
depreciation
rent
utilities
Show More
Show Less
Ask Your Own Tax Question
Answered in 14 minutes by:
10/4/2017
Mark Taylor
Mark Taylor, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2,408
Experience: Certified Public Accountant
Verified

Hi, my name is Mark. I will be happy to help you with your questions. Please give me a moment to prepare your response.

Ask Your Own Tax Question

This would depend if you owned or rented the home. If you owned the home you would need to know the business use square footage and the total square footage. You would then be able to deduct this portion of mortgage interest, repairs, property taxes, utilities, and depreciation. If you are renting the home, you would take the business use percentage and apply this to rent, insurance, and utilities.

The home office deduction is limited by the net income of the Schedule C. If there is a loss, the business use of home expense would carry forward to the next year.

Ask Your Own Tax Question
Customer reply replied 8 months ago
I agree with you but the question wants to know if there is a tentative loss which of the above expenses can still be deducted.

They are deductible but are not currently deducted. The home office expense would carry over to the next year.

The home office expense is limited to the net income of Schedule C. If there is a loss, you would not be able to deduct the home office expense. You do not lose the expense, it just carries forward to the next year.

Mark Taylor
Mark Taylor, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2,408
Experience: Certified Public Accountant
Verified
Mark Taylor and 87 other Tax Specialists are ready to help you
Ask your own question now
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a tax professionalLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Mark Taylor Your Own Question
Mark Taylor
Mark Taylor
Mark Taylor, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2,408
2,408 Satisfied Customers
Experience: Certified Public Accountant

Mark Taylor is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,512 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,569 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
I am sole proprietor, new contracting business. I client
I am sole proprietor, new contracting business. I client wants me to deliver on a project that includes payment for my time but also funds for hall rental, food, travel for participants. They want to … read more
abci168
abci168
Principal
27 satisfied customers
My question is about all possible tax deductions for
Hello. my question is about all possible tax deductions for homeowners. I am planning to buy a house in 2018 and I woul like to know, which expenses I can deduct from my gross income as a tax benefits… read more
Alexander Efros
Alexander Efros
Masters of Business Administration (MBA)
42 satisfied customers
Schedule C business closed in 2016. However the company
Schedule C business closed in 2016. However the company still incurred rent expenses (due to broke the contract the business is not doing well.. The company pay attorney to settle the lease and the co… read more
abci168
abci168
Principal
27 satisfied customers
It's a business/tax law question. I am a sole proprietor
It's a business/tax law question. I am a sole proprietor business owner. I am in negotiations to sell my business. Buyer wants to pay 1 lump sum (6 figures) but if I take it all at once, it is going t… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
1,047 satisfied customers
My husband is a sole proprietor. He did work under contract
My husband is a sole proprietor. He did work under contract for the same business all year. He received a 1099-Misc listing his income in box 9 as nonemployee compensation (e.g. $200,00.00). Over the … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
We have a small business ( sole proprietor), my tax advisor
We have a small business ( sole proprietor), my tax advisor at HR&BLOCKs doesn't know, where to report Keogh contributions made for myself and for my employee wife. My question is, where to report it … read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
Are property taxes on a first and second home tax deductible
Are property taxes on a first and second home tax deductible in the same year on schedule A?… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
The allocation of mortgage interest & real estate taxes on a
the allocation of mortgage interest & real estate taxes on a married filing separately.return one spouse owns the house and his name is ***** ***** name on the mortgage.Is the other spouse entitled to… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Last year I changed my business from a sole proprietor to an
Last year I changed my business from a sole proprietor to an LLC complete with a new EIN, I am using turbo tax to file my taxes but how do I correctly show this change?… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I have a question about deducting depreciation on my RV for
I have a question about deducting depreciation on my RV for business … read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,395 satisfied customers
When I prepared my taxes with E file they deducted amount
When I prepared my taxes with E file they deducted amount for not having insurance all year. Then I looked at the 1040 US Individual Forms and I did not see anyplace to deducted anything. Which is rig… read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,283 satisfied customers
Can I take mortgage interest and the standard deductions?
Can I take mortgage interest and the standard deductions? … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
If I am a sole proprietor is it better for me to be in
If I am a sole proprietor is it better for me to be in payroll? Or do an owners draw - owner equity?… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,395 satisfied customers
I am a sole proprietor, in business of real estate
I am a sole proprietor, in business of real estate investments. I do hard money lending and investing limited partnerships. Therefore I file schedule C to report the interest on loans even though they… read more
Fred Rook
Fred Rook
Corporate Controller
BSBA
134 satisfied customers
Can I deduct mortgage interest, real estate taxes, utilities
Can I deduct mortgage interest, real estate taxes, utilities and condo fees for a commercial rental property that I have not made available for rent? I am assuming that Building appraisal fees, and le… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
Pearl. My tax question is about mortgage interest deduction.
Hi, Pearl. My tax question is about mortgage interest deduction. I had equal co-ownership of a property with my ex-fiance from January through October 2017, when I transferred sole ownership of the pr… read more
abci168
abci168
Principal
27 satisfied customers
I'm a sole proprietor in - wanted to plan for taxes and know
I'm a sole proprietor in KY- wanted to plan for taxes and know where to send taxes in.1. Which am I taxed on- gross or net profit?2. How much tax do I pay if my net profit is $1150 per month? How much… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Small schedule c business donates fully depreciated
small schedule c business donates fully depreciated furniture to charity. They've been told that the FMV is $1,000. What is the deduction for contributed property? … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x