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New Member
posted Nov 17, 2020 4:59:49 PM

Should I provide home office expenses for the full year even if I started my business in September?

I registered my business in September 2019. I have expenses for 2019 but no income until 2020. When I report my home office expenses (heat, internet, etc.) in TurboTax, should I report using 12 months of expenses or just 5 months? Where can I indicate that my expenses are only for 5 months of the year?

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3 Replies
Level 15
Nov 18, 2020 7:00:34 AM

You will only enter the expenses for the months you had your business. They will know as you will enter the date when you started your business.

New Member
Nov 18, 2020 8:13:38 AM

Thanks so much for your reply. Where in TurboTax do I indicate the date that my business began? There is a spot where they require me to enter my fiscal year. I didn't see any spot to put the date my business began! 

Level 15
Nov 18, 2020 10:58:35 AM

Your fiscal year for 2019 would be the date you opened your business until the end of the year. This will be updated for next year.