My husband and I are claiming 4 businesses (2 each) that we ran out of our home last year....so how do we put in our home info on all of them? Should we claim rent, sq ft used, utilities, etc for each??
2007-03-14 10:08:34 · 2 answers · asked by Steenskees 2 in Business & Finance ➔ Taxes ➔ United States
If each business is run out of a separate part of your home, then yes, you could apply it to all. Otherwise you'd have to split the expenses across the businesses using the space.
You can't take a deduction for the same expenses on two different schedule C's.
2007-03-14 10:13:36 · answer #1 · answered by Judy 7 · 1⤊ 0⤋
youll have to look at the requirements to claim your home square footage as an office. theyre pretty stringent, and it doesnt sound like you could run 4 businesses by their standards out of the same property. basically, it has to be the place your customers visit to do business with you, you have to have inventory in that house for that business. personally, i think telling anyone you ran 4 businesses will raise a red flag at the IRS. consult an accountant, NOT a tax preparer (h&r block), theyre total rookies and while theyre cheap, theres a reason they are.
2007-03-14 17:14:28 · answer #2 · answered by Anonymous · 0⤊ 1⤋