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Can I report home office expenses incurred on a business that I am reporting on my personal tax return?

Can I report home office expenses incurred on a business that I am reporting on my personal tax return?
 
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Category : > Business Tax
Posted On : Thu Nov 25th,2010

 
Can I report home office expenses incurred on a business that I am reporting on my personal tax return?
 
 Can I report home office expenses incurred on a business that I am reporting on my personal tax return?

Answer: House or apartment expenses related to a business are valid expenses. There is a special form on the tax return where these expenses must be included. Where there is a loss, these expenses will not help offset income earned from other sources, but excess expenses can be carried over to future years

Example: A taxpayer uses the second bedroom in her house to run a small business. The taxpayer uses the square footage of her office to allocate expenses. Her office is 100 square feet and her house in 1,000 square feet so 10% of house expenses can be used as a business expense.

  


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Comments (1)
IRFAN KHAN   wrote on : Mon Apr 18th,2011
Hi Which special form used for describing these percentage of expenses. Or we can describe on schedule c. Please explain little more. thankx for this information      View Detail
Reply : infotaxsquare.com
 
Dear Irfan Khan,

Thanks for choosing InfoTaxSquare.com for your business needs. To claim  Business Use of Your Home you have the following choices:

  1. Form 2106 can be used but not recommended because the audit chances are too high.
  2. Recommended: Write a check for rent and deduct the portion for  the business area on schedule "C". But if you are filing for sole proprietor otherwise not.
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