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Should I manually split my total for rent (entire apt) into personal & business line items?

... or does QB SE already do that based on my home office deduction calculation?

 

To be specific, my total rent is $1,900/mo, and my home office is 24% of that based on sq ft measurements (= $456). Should I categorize a split line item of $456, or the whole of $1,900 as "Rent and lease (home office)"? I am not using the simple method, and have indicated in QB SE that my home office is 24% of the home by sq ft.

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Best answer April 28, 2020

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QuickBooks Team

Should I manually split my total for rent (entire apt) into personal & business line items?

We have two ways to calculate the home office deduction, Jcfive.

 

Let me share them:

  • Simplified method
  • Actual expenses method

Once it's set up, you don't have to manually split the rent. Since you're not using the simplified method, we suggest reaching out to your tax adviser to verify the method that best suits your situation. They can also help you with the categorization of expenses.

 

I'll add some helpful articles that you can check:

If you have other questions, please feel free to get back to this thread.

View solution in original post

1 Comment
Highlighted
QuickBooks Team

Should I manually split my total for rent (entire apt) into personal & business line items?

We have two ways to calculate the home office deduction, Jcfive.

 

Let me share them:

  • Simplified method
  • Actual expenses method

Once it's set up, you don't have to manually split the rent. Since you're not using the simplified method, we suggest reaching out to your tax adviser to verify the method that best suits your situation. They can also help you with the categorization of expenses.

 

I'll add some helpful articles that you can check:

If you have other questions, please feel free to get back to this thread.

View solution in original post

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