Sch C part IV Home office expense carryover from sold property

Forum|Forum|3 years ago
July 12, 2023
3 replies
18 views

Home was sold and carryover of unallowed expenses [home office] to 2023 do not flow to the 4797 from schedule C, because property was sold amounts are considered ordinary expenses. Is there anyway to enter the expenses as ordinary expenses.

Business

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sjrcpa

Level 15

What makes you think the excess home office expenses should be on Form 4797.

Why are you using 4797 for sale of principal residence?

Disallowed home office expenses retain their character, even if the home is sold.

The more I know the more I don’t know.

Accountant-Man

Level 13

Why were HO expenses disallowed? Because there was not enough business income.

Those expenses can now be allowed if there is enough business income.

Sale of the house does NOT generate business income

** I'm still a champion... of the world! Even without The Lounge.

abctax55

Level 15

"....because property was sold amounts are considered ordinary expenses."

Do you by any chance have a cite for that?

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