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February 5, 2024
Question

Need advice on how to file taxes with purchasing a home and starting a business

  • February 5, 2024
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1 reply

DawnC
February 5, 2024

There is nothing extra you need as far as the home purchase; you will be able to claim your mortgage interest if you itemize.   But for the business, assuming you are self-employed, you will need the Premium (or any version of desktop) version of TurboTax Online, in order to include a business Schedule C with your return.    Help articles you may find helpful are below.  

 

Self-Employed Tax Deductions

How does being self-employed affect my taxes?

Reporting Business Income and Expenses

Using a Vehicle for Business

 

For your primary or secondary home, the only deductible closing costs are home mortgage interest and certain real estate taxes.  These deductible costs generally include:

 

TurboTax will go through these deductions when you get to the My Home section in Deductions and Credits.  

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