2007-07-17 17:30:01 · 5 answers · asked by Huynh T 2 in Business & Finance ➔ Renting & Real Estate
you work in that field, and cant figure it out?
2007-07-18 03:39:34 · answer #1 · answered by DennistheMenace 7 · 0⤊ 0⤋
If you ONLY work the real estate field from you home, you are entitled to an office expense deduction. However, if you also have an office available to you at a real estate agency, your deduction disappears, even if you use your home office for your real estate work.
Use caution in using a home office deduction unless you are certain that you qualify for the deduction legally. A home office deduction is one of the largest 'red flag for audit' deductions for the self-employed.
2007-07-18 01:37:51 · answer #2 · answered by acermill 7 · 0⤊ 0⤋
If your office is in that apartment you can claim a portion of the rent. For the "what portion" follow up thought you just had, ask a great accountant.
2007-07-18 00:43:09 · answer #3 · answered by Anonymous · 0⤊ 0⤋
If you divide the number of rooms into percentage, that's what you can deduct. Say 10 rooms, that's a 10% deducation. Includes utilities too. Insurance, etc etc.
2007-07-18 00:58:25 · answer #4 · answered by DrMichael 7 · 0⤊ 0⤋
That would be a good question to ask your tax professional. The last thing you want is an audit. :)
2007-07-18 00:52:08 · answer #5 · answered by bpl 5 · 0⤊ 0⤋