2006-07-19 10:37:40 · 10 answers · asked by ammy2000 2 in Business & Finance ➔ Small Business
You take the amount of space you use for your business to calculate the percentage of space used (business space divided into total space), then you use that percentage against the cost of the home improvement (for instance, if you use 20 percent of your home for business, and the home improvement cost $100.00, then 20 percent of $100.00 (that would be $20.00) is what you can deduct.
But, personally, I use Turbo Tax. It automatically gives you as much deductible as is legally possible.
2006-07-19 10:43:43 · answer #1 · answered by no1home2day 7 · 0⤊ 0⤋
In my experience (I too have a home based business), only the percent of your home that is dedicated to the business is the percent of the improvement that you can deduct, ie. if the improvement is a full interior re-paint, & you'r business takes up 20% of your home, then you can deduct 20% of the re-paint. If the improvement is ONLY in the business dedicated portion of the home, then you should (probably) be able to deduct the entire project.
2006-07-19 10:45:31 · answer #2 · answered by ajhandyman1 1 · 0⤊ 0⤋
You can expense only the work done int he part where your home office is located. You can deduct home office expenses but you have to have one room or area designated just for your business activities. As long as you have that you can deduct only the portion that was used to improve that space.
2006-07-19 11:30:46 · answer #3 · answered by fasb123r 4 · 0⤊ 0⤋
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2016-11-06 20:34:28 · answer #4 · answered by Anonymous · 0⤊ 0⤋
If you use 25% of your house for your business, you can deduct 25% of the cost of painting the exterior. If you can justify that you needed to do it for business related reasons than you may be able to deduct more.
2006-07-19 10:44:05 · answer #5 · answered by yes_its_me 7 · 0⤊ 0⤋
You can try, but you WILL be audited by the IRS. They just LOVE home business deductions.
2006-07-19 10:44:22 · answer #6 · answered by Anonymous · 0⤊ 0⤋
You should see an accountant about it. It may depend on whether you chose to depreciate your home for tax purposes.
2006-07-19 10:41:20 · answer #7 · answered by NC 7 · 0⤊ 0⤋
Only for the part that is used for your work. That is: the room where you keep your home office, etc..
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2006-07-20 00:19:20 · answer #9 · answered by love_home_business 3 · 0⤊ 0⤋
Yes if your accountant is lenient.
2006-07-19 10:41:40 · answer #10 · answered by schatg 2 · 0⤊ 0⤋