CHAPTER 18 Home Office Deductions
Today over 40 million Americans work at home at least some of the time, and the number is growing. Computers, smartphones, and the information highway make it easier and, in some cases, more profitable to operate a home office. The U.S. Small Business Administration reported that 52.3% of all small businesses with no paid employees and 23.3% of those with paid employees are home-based and that they generate $161 billion in annual revenue.
As a general rule, the cost of owning or renting your home is a personal one and, except for certain specific expenses (such as mortgage interest, real estate taxes, and casualty losses), you cannot deduct personal expenses. However, if you use a portion of your home for business, you may be able to deduct a number of expenses, including rent or depreciation, mortgage and real estate taxes, maintenance, and ...
Become an O’Reilly member and get unlimited access to this title plus top books and audiobooks from O’Reilly and nearly 200 top publishers, thousands of courses curated by job role, 150+ live events each month,
and much more.
Read now
Unlock full access