can i write off the entire rent, or just the part of the apt that i use for work?
2007-11-17 03:37:56 · 5 answers · asked by NYTrader55 2 in Business & Finance ➔ Taxes ➔ United States
Only the part used regularly and exclusively for the business.
Not the part that is used regularly but not exclusively.
Not the part that is used exclusively but not regularly.
Not the part that is used neither regularly nor exclusively.
They good news is that it is not just the rent. You can also include the utilities and insurance for the part that is used "regularly and exclusively".
2007-11-17 09:12:53 · answer #1 · answered by StephenWeinstein 7 · 3⤊ 0⤋
If it's used exclusively and regularly as your office and you don't rent an office somewhere else that's the main office. You can deduct the business portion (usually the relative square footage.)
2007-11-17 05:44:58 · answer #2 · answered by Scott K 7 · 2⤊ 0⤋
That may depend on the type of work that you are doing in your home. However the general rule is that you can only take a deduction for that portion of the home that you use "exclusively" for for business.
2007-11-17 04:33:57 · answer #3 · answered by ? 6 · 4⤊ 0⤋
Only the portion that is used exclusively for business use. If your home office is also used for personal purposes, even only occasionally, you may not take the deduction.
2007-11-17 03:59:29 · answer #4 · answered by Bostonian In MO 7 · 4⤊ 2⤋
Only the square footage used for your office or workspace.
2007-11-17 03:45:36 · answer #5 · answered by Anonymous · 4⤊ 0⤋