QUESTION
Could I use the home office tax deduction if I work at home part-time?
Asked on Jun 22nd, 2015 on Taxation - California
More details to this question:
I work from home developing a website. I do this part-time, but I still spend at least 15 hours a week on the project. I heard that you can get a tax deduction for using your home as an office. Would this apply to me, and how much could I deduct?
2 ANSWERS
Commercial & Bankruptcy Law Attorney serving Powell, OH
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Ronald K. Nims
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There are three requirements to take the home office deduction on a self employed project:1/ A particular area of your home must be regularly used for the business.2/ the particular area must be exclusively used for the business3/it must be the principal place of your business. Most often the exclusive use part is the problem. Most people don't have a place that isn't used both for the business and personally?
Answered on Jun 22nd, 2015 at 3:47 PM
Taxation Law Attorney serving Glendale, CA
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Irsfeld, Irsfeld & Younger LLP
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a. You can only use it for the part of the home that is 100% used for business purposes, if any. b. You can only deduct it to the extent of net income. c. If you own, it will have the disadvantage of converting part of your home to business property. When you sell, you won't be able to exclude all of your gain. Etc.
Answered on Jun 22nd, 2015 at 12:46 PM