What are the building code requirements to receive a tax credit for a home office?

Answer 1

Talk to a tax professional. The regulations on this change from year to year (I claim a home office). It has nothing to do with building codes.

Currently from the IRS:
You can claim this deduction for the business use of a part of your home only if you use that part of your home regularly and exclusively:

As your principal place of business for any trade or business;
As a place to meet or deal with your patients, clients or customers in the normal course of your trade or business.

Generally, the amount you can deduct depends on the percentage of your home that you used for business. Your deduction will be limited if your gross income from your business is less than your total business expenses.

Answer 2

Simply put, there are NO building code requirements to recieve a tax credit for a home office.

Answer 3

When we speak of the home office deduction, we're really talking about a group of smaller deductions. These deductions - which may include such items as a portion of utility bills, mortgage interest, repairs, and depreciation - are totaled up to get an overall deduction that is reported on IRS Form 8829, Expenses for Business Use of Your Home. In addition, if you qualify for the home office deduction, you also qualify for some special, more liberal rules for deducting auto expenses. The common denominator among these deductions is that the IRS has devised a single test to determine whether you qualify for all of them.

Home mortgage interest and real estate taxes would be allowed as an itemized deduction on Schedule A of your tax return in any case, even if you can't take a home office deduction. Office supplies, postage, and the cost of bringing a second telephone line into your home for business use may also be deductible. Moreover, you may be able to depreciate the cost of computers and office furniture you buy to use at home, even if you're not allowed to deduct the cost of the office itself.

To qualify, your home office must be used exclusively and regularly for business and:

* be your principal place of business, or
* be used to personally meet with clients or customers in the normal course of your business
If your home office is a separate structure that is not attached to your residence, you may qualify for the home office deduction without meeting the exclusive use requirement. In this situation, the structure merely has to be used in your trade or business.

Answer 4

I agree with Tonalc. But that space cant be USED for anything else. If it has a computer and you check your personal email than you Cant deduct that as a home office. They are really cracking down. Like most business offices in business buildings have a couch well,,,,for a home office you are not suppose to have that. No Tv,radio anything like that. i have 1 whole room at my house for an office but I have a couch in here plus I use the computer for other things besides business so Im SOL!!

Answer 5

what kind of tax credit...if you are talking about for a personal income tax return....then the building codes have nothing to do with it.....would either 1) be self-employed or 2) must be able to itemize (shcedule A) and it would have to be more than 2% of your agi (adjusted gross income) before you could begin to claim it ...oah and this portion is on form 2106...the way it is done is that you MUST only use this space for your working office.....no ironing boards in the corner being used no playstation for the kids....gotta be strictly an office as if you were leaving your home....gather this info....square footage of your home and then the square footage of the room...other questions should be asked about certain expenses also

Answer 6

it is not a building code requirement. it is a usage requirement. you have to use your home office as a work office 90% of the time.

Answer 7

I understand the stimulus has been prolonged to June 30, 2010 if my memory serves me properly. despite the fact that, i think of you're able to desire to be below settlement via April 30, 2010. i think this became law via the homestead and don't be attentive to if the Senate has acted on it yet.