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February 20, 2021
Question

If your workspace is inside your house, do you only include the rent that pertains to that space?

  • February 20, 2021
  • 1 reply
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1 reply

IamjuViel
February 20, 2021

Greetings, @userskootwoods.

 

You'd want to enter the specific square footage allocated for your workspace in QuickBooks. Then, enter the full amount of rent you're paying and categorize it as Rent and lease (home office). I can guide you in doing so.

 

First, let's set up your home office information in QuickBooks. Here's how:

  1. Go to the Taxes menu.
  2. Select the Annual tab. 
  3. Scroll down to the Home office expenses ▼ section.
  4. Click the Add a home office button. 
  5. Set the tax year.
  6. Choose how'd like to  Simplified method or Regular method tab.
  7. Enter your estimated home office square footage.
  8. When you're done, select Save.

Now, you can start tracking your rent. You can follow these steps:

  1. Go to the Transactions menu.
  2. Click on the Add transaction button.
  3. Provide all the necessary information.
  4. Choose Rent and lease (home office) as the category. 

Also, you can locate your downloaded rent from your connected bank account and categorize it right away in your Transactions page.

I'm adding these articles to help you manage your home office-related transactions:

Also, I'd recommend consulting an accountant so you'll be guided accurately in claiming your deductions.

 

Know that the Community and I are always here to lend a hand if you have other questions or concerns. Feel free to leave a comment below.