Home Office Deduction ON DEMAND

Overview

Home Office Deduction examines the federal income tax deduction for business use of a home. It addresses the qualifications for a home office deduction and the actual expense and simplified methods of determining the deduction. In addition, it discusses the special home-office deduction rules applicable to daycare facilities and the recordkeeping requirements for taking a home office deduction. Also covered are where the deduction should be taken and the forms a tax preparer should use in connection with the deduction.

Highlights

Qualifying for a Home Office Deduction. Figuring the Home Office Deduction. Deducting and Recordkeeping.

Prerequisites

None.

Designed For

CPAs, financial professionals, enrolled agents and attorneys.

Objectives

Recognize the general requirement for exclusive use applicable to home-office deduction and the exceptions to the requirement. List the requirements that apply to a taxpayer’s qualifying for a home-office deduction for purposes of storage of product samples or inventory. Identify the conditions a taxpayer must meet in order to qualify for the exception to the exclusive use rule when operating a daycare facility. Recognize the factors that must be considered to determine if a taxpayer’s home is the principal place of business for purposes of the home-office deduction. List the exceptions to the requirement that a home office must be the taxpayer’s principal place of business in order to qualify for a home-office deduction, and more.

Preparation

None.

Notice

None.