Contact UsI work at home and my home office is more like a nook. I do everything from home, though, and I was wondering if I still quality for credits as well as what kinds of things I can deduct.
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LINDA TRANTHAM
The portion of your home, or apartment, used for an office must be solely and only used for that purpose. In other words, if you sleep, kick back and watch TV, or use it for any other purpose, you can not claim that portion of your home as a home office.
Assuming the portion is used properly, here is a short scenario on how to claim your home office deduction.
Determine the total square footage of your home. Of the total, how much of the square footage is used for your home office? This will give you a percentage of the home which is used for your business. Let's say the percentage is 20%. Add up all your utility bills, rent or mortgage payments, home owners or renters insurance, HOA, etc for the year. You can expense out 20% of the total on a Schedule E.
Any items you purchase which are used only for your home office are a 100% expense.
If you use a vehicle to do work for your business, keep track of the mileage to write off. Last year it was .55 a mile. You can also depreciate your vehicle and your home, but not an apartment.
I hope this helps. Let me know if you have any questions.
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599 weeks ago
Assuming the portion is used properly, here is a short scenario on how to claim your home office deduction.
Determine the total square footage of your home. Of the total, how much of the square footage is used for your home office? This will give you a percentage of the home which is used for your business. Let's say the percentage is 20%. Add up all your utility bills, rent or mortgage payments, home owners or renters insurance, HOA, etc for the year. You can expense out 20% of the total on a Schedule E.
Any items you purchase which are used only for your home office are a 100% expense.
If you use a vehicle to do work for your business, keep track of the mileage to write off. Last year it was .55 a mile. You can also depreciate your vehicle and your home, but not an apartment.
I hope this helps. Let me know if you have any questions.