Presumably you had zero net self-employed income in 2020 and did not need all of your business-use-of-home expense in 2020. Yes, you can carry this forward to reduce self-employed income in future years.
Business-use-of-home-expenses available to carry forward
Hello Canadian Money Forum,
I am self employed and I noticed I have an amount in my Turbo Tax for the Business-use-of-home-expenses available to carry forward.
How can this value be used in my future Tax return(s)?
Thank you
I am self employed and I noticed I have an amount in my Turbo Tax for the Business-use-of-home-expenses available to carry forward.
How can this value be used in my future Tax return(s)?
Thank you
1 - 2 of 6 Posts
In my earlier response I wrongly assumed (for no good reason) that you had used some of your business-use-of-home expenses to reduce your business income to zero, and had some of the expenses left over to carry forward. Of course a carry forward can occur if there was a business loss before any business-use-of-home expense was applied.
To answer your latest questions, yes, your net business income would be $48,000 after applying the business loss and business-use-of-home carry forwards. Of course your 2021 business-use-of-home expense could also be taken and I assume the $50,000 after all expenses was net of the 2021 business-use-of-home expenses
To answer your latest questions, yes, your net business income would be $48,000 after applying the business loss and business-use-of-home carry forwards. Of course your 2021 business-use-of-home expense could also be taken and I assume the $50,000 after all expenses was net of the 2021 business-use-of-home expenses
1 - 2 of 6 Posts
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