The Home-Office Tax Deduction
Nolo, September, 2004
You may be able to take a tax deduction for business use of your home. The deduction is available not only for an office but for other business uses as well, such as a workshop or studio at home.
Basically, if you use part of your home for business and you meet the technical requirements of the tax law, you can deduct a percentage of the cost of many home-related expenses. These expenses typically include utilities, rent, insurance, depreciation, mortgage interest, real estate taxes, and some casualty losses, repairs, and improvements (if they relate to the part of the house you use for business).
According to the IRS, your "home" can be a house, condo, or apartment unit -- or even a mobile home or boat, so long as you can cook and sleep there. You can rent or own...
Most Recent Reference Articles
- ARAB EUROPEAN RELATIONS - Dec 22 - Russia Denies Selling Missile System To Iran
- EGYPT - Dec 29 - Opposition Says Mubarak Blessed Israeli Attacks
- ARAB AFFAIRS - Dec 22 - Syria Will Eventually Move To Direct Talks With Israel
- ARAB AFFAIRS - Dec 30 - GCC Denounces Massacre
- ARAB ISRAELI RELATIONS - Israel Issues An Appeal To Palestinians In Gaza
Most Recent Reference Publications
Most Popular Reference Articles
- The Greek chorus, Jimmy the Greek got it wrong but so did his critics - Jimmy Snyder and his views on pro sports and race
- How Tyler Perry rose from homelessness to a $5 million mansion
- 9 questions to ask your new lover: what you were afraid to ask, but always wanted to know
- Vickie Winans: at home with the gospel star who lost 75 pounds and reenergized her career
- Living by the word: royal choice
