Home Office Expense

Discussion in 'US Taxes' started by Tax Tip, Oct 1, 2008.

  1. Tax Tip

    Tax Tip Guest

    If you used a portion of your home exclusively and on a regular basis
    as your principal place of business, then the expenses for your home
    office are considered deductible expenses.

    Certain requirements must be met, so be sure to consult with a tax
    advisor.

    You can deduct a portion of your utilities, real estate taxes,
    mortgage interest, rent, insurance, repairs, depreciation, and any
    other expense related to your home. The percentage of actual expense
    that is able to be deducted is determined by the total square footage
    of your home office in relation to the size of the entire building.

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    Tax Tip, Oct 1, 2008
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