What tax category for partial home office expenses?
GHebert Member ✭✭
I have a home office that is 10% of my home. On my tax form I have a place to put expenses that are 100% business and another place to put home expenses such as repairs and cleaning where 10% counts as a business expense. What Quicken tax category should I use for these partial expense? I only see Office Expense in the list.
The Quicken for Windows application doesn't have an "automatic" feature that would make this type of entry for you. So I suggest that you perform the calculation offline and then setup a standard recurring entry by using a monthly "Bill and Income Reminder" with a Split that will place 10% of the monthly amount is a tax category for "Home Office - Repairs & Cleaning" and the other 90% to a general "Repairs & Cleaning" category.
For the category that you'll setup titled "Home Office - repairs & Cleaning" - you should make sure that you set up a "tax category" for it. To do that:
1) Go to "Tools" > "Category List" > "Business Expenses";
2) Locate the category and right-click on it and then select "Edit";
3) In the pop-up window, select the "Tax Reporting" tab. It will look like this:
4) You should select the appropriate category, in the "Schedule C" section, from the drop-down menu;
5) Click on "Save".
Let me know if you have any followups.
Quicken Home, Business & Rental Property - Windows 10-Home Version
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