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Summary of business / self employment is not correct. What do I do to correct it?

I use1/7 of my home for business. I have entered full amount for each item . My Gross profit is correct however my net income is showing up as a business expense . Income loss is correct but final result is showing my net income asNet income 0.00. What do I do to correct this?

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Moderator

Summary of business / self employment is not correct. What do I do to correct it?

If your business-use-of-home expenses are causing a loss to your business overall, your net business income will be zero - not a loss. Business-use-of-home expenses cannot make or increase a loss. The amount of your home office expenses applied will be enough to bring your net income to zero. The remainder will be carried forward for future use.

When you transfer your details into your tax return next year using TurboTax, the carried-forward expense will be included and applied if your business has enough income to use it.

https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/sole-proprietorships-partners...

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Highlighted
Moderator

Summary of business / self employment is not correct. What do I do to correct it?

If your business-use-of-home expenses are causing a loss to your business overall, your net business income will be zero - not a loss. Business-use-of-home expenses cannot make or increase a loss. The amount of your home office expenses applied will be enough to bring your net income to zero. The remainder will be carried forward for future use.

When you transfer your details into your tax return next year using TurboTax, the carried-forward expense will be included and applied if your business has enough income to use it.

https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/sole-proprietorships-partners...

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