What qualifies as a deductible home office expense?

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What qualifies as a deductible home office expense?

2006-12-09 14:32:17 · 3 answers · asked by cntrybmpkn_95 2 in Business & Finance ➔ Taxes ➔ Other - Taxes

3 answers

If you use your home office for business, you must use it exclusively for business. If your home office totals 20% of your home's total square feet, then you may deduct 20% of your mortgage or rent and associated utility bills. You may also deduct a phone bill if you use that line exclusively for work or a work fax line.

2006-12-09 14:37:03 · answer #1 · answered by Rebecca C 2 · 1⤊ 0⤋

Rebecca is correct if you're using the home office for your business. If you're an employee, there are additional rules. Download Publication 587 from irs.gov for more detailed information.

2006-12-09 23:47:33 · answer #2 · answered by Judy 7 · 0⤊ 0⤋

$200 dollars thats what i got as a deductable!

2006-12-09 22:34:27 · answer #3 · answered by Anonymous · 0⤊ 1⤋