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How to Take the Home Office Deduction

Taking the Home Office Deduction

The IRS home office deduction can transform some of your nondeductible personal housing expenses into a money-saving tax deduction. In order to claim the home office deduction, you must use an area of your home exclusively and regularly for business purposes. The home office deduction is available to taxpayers who own their own business, who work as an independent contractor and even those who are employees. However, if you are an employee, the IRS requires that your employer not provide you with alternative workspace that you can easily commute to everyday. In other words, your use of a home office is not deductible when you work at home for your own convenience.

The Home Office Deduction Regularly and Exclusively Requirements

The first requirement you must satisfy in order to claim home office deduction is that you use your home on a regular basis to conduct most, if not all of your work activities. Essentially, this means that your home office must be your principal place of business where you meet with clients or complete necessary tasks for your job or business. And if you have other locations where you can accomplish the same tasks, then you don’t qualify to claim a home office deduction because you don’t use it regularly. Moreover, you must use a specific area of your home exclusively for business purposes. This means that if you turn a spare bedroom into an office, you can’t have a bed in the room and it cannot be used for overnight guests periodically. Exclusively means using the home office ONLY for work.

Calculating and Reporting the Home Office Deduction

The home office deduction is only available if you choose to itemize deductions on a Schedule A form and include the deduction in your miscellaneous expenses subject to the 2 percent AGI limitation. Calculating the home office deduction is a two-step process. First, you must calculate your annual housing expenses such as rent, mortgage interest, property taxes, utility payments, cleaning charges and repairs that affect the home as a whole. You then must determine the “business percentage” which is equal to the ratio of the square footage of your home office to the entire square footage of the home. The resulting percentage is the portion of your annual housing expenses that you can include in your home office deduction. When claiming a deduction for your home office expenses, the IRS will also require you to fill out a Form 8829 and attach it to your tax return.

Reference: IRS Publication 587-Business Use of Your Home