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Setting Up a Home Office That Qualifies for Tax Breaks
It involves more than just buying a comfortable chair. Here are the do's and don'ts -- and some tips to keep Uncle Sam at bay.
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Posted: 1:00 PM On September 19, 2009 |
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mgc6288 |
Posted: 11:14 AM On March 12, 2009 |
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| With home office space always being stated as a 'red flag' from the IRS and actual bottom line savings is maybe a couple hundred dollars...I don't use the deduction as if I got audited the small savings would turn into a huge expense in tax attorney fees. My office is a legitimate 11% of my home however to me it just isn't worth it. |
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rita |
Posted: 10:23 PM On February 19, 2009 |
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| my accountant keeps telling me, even though my home office is legitimate that i will have to depreciate my home if i claim part of it for an office and it's not worth claiming because of this...is this true |
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Buchananjw |
Posted: 9:34 AM On January 31, 2009 |
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| I have an office in my home that has three desks and a computer. I use two of the desks strictly for business, but the third I use to do household bills and I use the computer for business and personal use. I manage a small, community park that doesn't have an office, so I'm stuck using my home office to do all the admin for the park. I even have the park phone in my office and use my email address for park business. I think I qualify to take the home office deduction. Any thoughts? |
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Bonnie |
Posted: 12:25 PM On January 24, 2009 |
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| I have two full time businesses. Meaning 8 hours a day...yea...I'm crazy. One is a business where I have an actual store. the other is a home based business on the internet, which is actually making much more money right now. Can I claim both both the home and the store business spaces? The two business are not related in any way, shape or form. |
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Bonnie |
Posted: 12:23 PM On January 24, 2009 |
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| I have two full time businesses. Meaning 8 hours a day...yea...I'm crazy. One is a business where I have an actual store. the other is a home based business on the internet, which is actually making much more money right now. Can I claim both both the home and the store business spaces? The two business are not related in any way, shape or form. |
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Carol |
Posted: 11:46 AM On January 24, 2009 |
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| My husband and I both have home businesses and we have a room we use exclusively for business. We both also have primary jobs working for an employer. However, I have an infant son that is at home while I work and I will often put him in the office with me while I work so he isn't alone. Does this cause a conflict with claiming the office as a business deduction? |
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Carol |
Posted: 11:46 AM On January 24, 2009 |
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| My husband and I both have home businesses and we have a room we use exclusively for business. We both also have primary jobs working for an employer. However, I have an infant son that is at home while I work and I will often put him in the office with me while I work so he isn't alone. Does this cause a conflict with claiming the office as a business deduction? |
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Carol |
Posted: 11:43 AM On January 24, 2009 |
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| My husband and I both have home businesses and we have a room we use exclusively for business. We both also have primary jobs working for an employer. However, I have an infant son that is at home while I work and I will often put him in the office with me while I work so he isn't alone. Does this cause a conflict with claiming the office as a business deduction? |
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From New York |
Posted: 11:26 AM On January 24, 2009 |
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| Exclusive use means using it exclusively 100% of the time. If you only work 2 hours in a day that doesn't mean that the rest of the day can be spent in the office doing something else. |
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Elizabeth Brownlee |
Posted: 10:11 AM On January 24, 2009 |
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| I thought there was a 'percentage' rule. If you used your space as an office two hours per day (assuming an eight hour shift) you could apply 25% of its use to 'business.' If it has to be a full day (16 hours), then it would be 12.5%. Did that change in the last two years? |
