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Showing results for tags 'home office expense'.
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My fiance and I both work at home for separate reasons. I am an employed at home worker, my offices takes up about 5% of my house. My fiance runs a self employed business at home, which takes up 10% of my house. So in total, 15% of our house is used for business purposes. How do I fill this out properly in my tax return? When I get to the question, "What % of your home is used for personal reasons", should I enter 85% and specify my deductions only account for 5% and my fiances 10%? Or do I enter 90% for my fiance and then 95% for myself?
Every year I seem to find a bug in tax software. Ugh. I am trying to enter 'Home Office Expenses' like I have done in previous years. I have two separate businesses that each have different home office space usage amounts and different carry-forward amounts from previous years (since they were started in different years). There seems to be a bug that does 2 things after saving: 1) Deletes one 'Home Office Expense' entry (first business). All values become empty after save. 2) Changes data under the second company. It merges data from both entries for the Home Office Expense info under only one of the business. Example: both amount gets added here after save: Unused portion of home office expenses carried forward from last year So if one business had a carry-forward of $1,000 and the other $3,000 - after saving I see $0.00 in one business and $4,000 in second business which is WRONG. The amount needs to remain separate. They were started years apart so they have different carry forward amounts that I should not have to merge under only one business... Help! Thanks in advance...
Hi, I have a small business that is a partnership (50/50) and we're unclear of how to enter our Home Office Expenses. I've scoured the internet including CRA documentation and I can't find any answers on this. We both do our work from our respective homes (we live in separate residences). My business partner's location would be considered primary as it is our legal business address, and is where we do bookkeeping. For the Home office expenses section, do we both enter his home office under our respective tax claims (so we match exactly), or do we enter our own respective home/office situations (so it will not match exactly). Both options have logic to them. Please help! Thanks in advance, Dave.
Hello, I was a remote employee in the 2011 and 2012 tax years. My employer paid for my cell phone and some office supplies but speaking to my accountant I found out that I was allowed to deduct more: - utilities - condo maintenance fees - internet - mortgage principal (but not home insurance, property tax nor mortgage interest) I found the home office expense form in ufile, so I know that all of this will have to be entered in there. However, my question is: - do I enter the cost for the entire year or only part of the year (if I didn't work remotely the entire year) given that ufile does ask the timeframe you worked remotely, I am not sure if it is smart to prorate on its own? - do I do the math for the % of the house I used as an office, or does ufile use the % field at the top of form to calculate on its own? - where does the mortgage principal amount go, I only see an office rent section. Would this go under 'other home office expense - specify' section? I think I made a mistake on my 2011 calculations. What do I need to do to resubmit? Make the changes to ufile 2011, reprint and resend? Or is there a particular form I need to attach? Or am I better off just to carry over the missed amounts into 2012? thanks everyone. jkv.bkv