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Home Office Deduction
Home Office Deduction
Detail the expenses for use of the home office to assure that you get the maximum deduction.
Your home office will qualify as your principal place of business for deducting expenses for its use if: 1. You use it exclusively and regularly for administrative or management activities of your trade or business, AND 2. You have no other fixed location where you conduct substantial administrative or management activities of your trade or business. Administrative or management activities include: billing customers, clients or patients; keeping books or records; ordering supplies; setting up appointments; or forwarding orders or writing reports. Please note that if you are an employee, the business use of your home must be for the convenience of the employer. In addition, your deduction may be limited if your gross income from the business use of your home is less than your total business expenses.
Dates of Activity
Business or activity for which you have an office
Area of Home Used for Business
1. Area of your home used exclusively for business or storage of inventory (sq ft)
*
2. Total area of your home (sq ft)
*
Business Use Percentage
Which method of expense would you like to use?
*
Simplified Method ($5/SF)
Actual Method
Optimize Simplified Method and Actual Method (first year only)
Simplified Expense
Ownership Expenses
Mortgage Interest
Real Estate Taxes
Mortgage Insurance Premiums
Insurance
Rent
Repairs and Maintenance
Painting and Decorating
Pest Control
Landscaping
Cleaning
HVAC Service Contract
Utilities
Electric
Gas
Water
Home Owners Dues
Security System Monitoring
Depreciation
Date you purchased your home
Date you began using your home office
Original purchase price of your home
Cost of any major improvements or additions to your home
Current fair market value of your home
Current fair market value of the land your home sits on
Contact Information
Name
First
Last
Email Address
Phone Number
Actual Home Office Deduction
Does not include depreciation
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