i have an office out of my home just wondering how much i deduct
2006-07-28 03:59:08 · 4 answers · asked by April R 1 in Business & Finance ➔ Taxes ➔ United States
12x14=168. The key is to properly measure your space. Most people round the linear dimensions up (12.5=13), but knowing the IRS, there may be a regulation for that, so be careful.
2006-07-28 04:04:50 · answer #1 · answered by Someone with a free answer 3 · 0⤊ 0⤋
Just multiply the length by the width.
12 * 14 = 168.
If that room is being used exclusively for your home office then you must take the total square footage of the house and figure the percentage of the home that is being used for a home office.
For instance if you have a 2000 square foot home then divide 168 by 2000 = 8.4%. You can then deduct that percentage of the utilities etc. on your Schedule C of your Form 1040 tax return. The forms will help you figure out the exact amount of your deduction.
2006-07-28 04:08:34 · answer #2 · answered by Thrasher 5 · 0⤊ 0⤋
dahhhhh 12'X14'=168 square feet.
If you live in the USA there are a lot more issues than just how many square feet there are in this home office.
Your company has to mandate you have such an office.
You can not do anything other than office work in the office (it cannot be a guest room and you can not store personal items in the room.
Capital gains when selling the house has to be figured differently.
2006-07-28 04:05:46 · answer #3 · answered by lily 6 · 0⤊ 0⤋
168 sq. ft.
2006-07-28 04:02:20 · answer #4 · answered by Anonymous · 0⤊ 0⤋