Home Office Requirements For Tax Purposes

However you must meet two tax law requirements to qualify for the home office deduction. In this publication you will find. Safe harbor home office deduction simplified method this is a simplified method for figuring your home office deduction.

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And according to the irs your home can be a house condo or apartment unit or even a mobile home or boat as long as you can cook and sleep there.

Home office requirements for tax purposes. According to irs home office rules home office expenses can only be deducted when a specific area of your home is used regularly and exclusively as your principal place of business however if you use the home office space as a place to meet or deal with patients clients or customers even if it is not your principal place of business you may still qualify to take a home office. The cost for a second line to the office for business purposes is a direct deduction. In this publication you will find. The home office deduction allows independent contractors small business owners and others to lower their taxable income.

The basic charge including taxes of the first landline to your property is a personal expense and not deductible although long distance costs made for business purposes are deductible separately on schedule c not as part of the office in home expenses. The irs offers taxpayers a home office deduction to offset a portion of the costs of their home offices. For a full explanation of tax deductions for your home office refer to publication 587 business use of your home. If you choose to use this method you cannot claim home office expenses using the regular method explained above.

The simplified method doesn t change who can claim it but it does simplify your calculations and records. A home office is a place in your home that is used exclusively for business purposes. Regular and exclusive use. Requirements for qualifying to deduct expenses including special rules for storing inventory or product samples.