Sched E expense?
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Sched E expense? (by DonH [MO]) Mar 12, 2018 9:42 PM
       Sched E expense? (by JenZ [CT]) Mar 13, 2018 4:18 AM
       Sched E expense? (by Marv [IL]) Mar 13, 2018 5:18 AM
       Sched E expense? (by plenty [MO]) Mar 13, 2018 7:00 AM
       Sched E expense? (by WMH [NC]) Mar 13, 2018 7:11 AM
       Sched E expense? (by WMH [NC]) Mar 13, 2018 7:16 AM
       Sched E expense? (by AllyM [NJ]) Mar 13, 2018 9:28 AM
       Sched E expense? (by Don H [MO]) Mar 13, 2018 10:09 AM
       Sched E expense? (by NC INVESTOR [NC]) Mar 13, 2018 2:46 PM
       Sched E expense? (by Ray-N-Pa [PA]) Mar 13, 2018 6:05 PM
       Sched E expense? (by WMH [NC]) Mar 14, 2018 4:04 AM


Sched E expense? (by DonH [MO]) Posted on: Mar 12, 2018 9:42 PM
Message:

Can I expense my healthcare premiums on Schedule E Home Office expenses(to the % that my house is claimed as business use), given that I am a non-passive landlord and I do not itemize? Two local CPAs say yes. Two CPAs say no. IRS looked it up and found nothing.

--162.229.xx.xxx




Sched E expense? (by JenZ [CT]) Posted on: Mar 13, 2018 4:18 AM
Message:

I have no idea, but I know as an individual working for someone else that my insurance premiums are taken pre-tax. I'm not sure what the difference would be in deducting it through the Schedule E or on the 1040 under "self employed health insurance deduction". --32.211.xxx.xx




Sched E expense? (by Marv [IL]) Posted on: Mar 13, 2018 5:18 AM
Message:

No --173.15.xx.xxx




Sched E expense? (by plenty [MO]) Posted on: Mar 13, 2018 7:00 AM
Message:

You should be itemizing. --99.203.xx.xxx




Sched E expense? (by WMH [NC]) Posted on: Mar 13, 2018 7:11 AM
Message:

I have read that Health Care premiums can be deducted if you are an employee of your corporation; that is, the corporation can deduct them. --50.82.xxx.xx




Sched E expense? (by WMH [NC]) Posted on: Mar 13, 2018 7:16 AM
Message:

Found it, I just copied the first scenario as that is the only one that applied. And it says, no, you can't deduct premiums as a Home Office expense unless you show a profit on a Schedule C, not E.

Who can deduct their health insurance premium?

There are three common scenarios under which you can claim your health insurance premium as a tax deduction.

1. You’re self-employed

If you are self-employed, you may be able to write off health insurance premiums (as well as dental insurance and qualified long-term care insurance premiums) for yourself, your spouse and your dependents.[1]

Keep in mind that you must have a net profit for the year reported on Schedule C (Form 1040), Schedule C-EZ (Form 1040), or Schedule F (Form 1040).[2] --50.82.xxx.xx




Sched E expense? (by AllyM [NJ]) Posted on: Mar 13, 2018 9:28 AM
Message:

My CPA told me not to claim a percentage of the house for an office. It's a red flag I believe there is a place on the return for expensing medical treatment. --69.141.xxx.xx




Sched E expense? (by Don H [MO]) Posted on: Mar 13, 2018 10:09 AM
Message:

I have also heard it is a red flag. Four years ago my real estate CPA said that is no longer the case(that it is a red flag) and most of his clients claim home office deduction. I do not believe there is anywhere specific on Schedule E for medical premiums or expenses, but there are generic expense fields. Such items are possible on Schedule C, but using Schedule E... When not itemizing on 1040, since std. ded. is greater, many itemizable expenses can roll over to Schedule E, such as home real estate tax, etc. but do medical premiums?? --162.229.xx.xxx




Sched E expense? (by NC INVESTOR [NC]) Posted on: Mar 13, 2018 2:46 PM
Message:

I don't take a deduction for a home office but I do deduct a percentage of certain expenses that benefit a home office i.e. a whole house standby generator.

We itemize and will continue to do so in 2018 and will deduct medical on 1040.

I believe that in 2018 they continue to allow self employed to deduct medical even if they do not itemize on 1040. (pls check I am not an accountant) --71.75.xx.xx




Sched E expense? (by Ray-N-Pa [PA]) Posted on: Mar 13, 2018 6:05 PM
Message:

WMH is spot on --24.101.xxx.xxx




Sched E expense? (by WMH [NC]) Posted on: Mar 14, 2018 4:04 AM
Message:

AllyM that is old-school. Taking the Home Office deduction is perfectly legit these days when so many actual "work from home" jobs exist. The only caveat is when you sell your home you have to recapture those deductions, just like depreciation on a rental.

We don't intend to sell so not worried about that. --50.82.xxx.xx





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