Question for any tax experts out there. I have elected to give up my office space at work, and instead work from home. I don't work exclusively from my home (out on business), but anytime I would be in the office I am now working at home. I've been reading what qualifies for this and sounds like my working from home has to be for the "convenience of the employer". If I elected to give up my work space, does that qualify? This saves my employer money, as they do not have to maintain a work space for me.
Tax Advice - Home Office Deduction
- Thread starter jeff0514
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I think I just answered my own question... the related IRS publication states "You do not meet the requirements of the exclusive use test if you use the area in question both for business and for personal purposes." I would also use this office space as a personal office.
In my experience and research of this no it does not. The home office deduction is intended for persons who run their own business out of their home (such as me with my CPA business) or have to work out of their home because their employer requires it. Since you elected to do this is not considered "convenience of employer".
I had a long time client of mine ask me this same question earlier this year.
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So I am a self employed carpenter and have an office. I can take that work space and can use it as a write off. I can also write off my utilities since my office area needs those things to run.
Partially true. Whatever percent the area is of the total square footage would be deductible. The rest is personal and not deductible.
And with relation to the OP, I agree with Curt.
Home office deduction is one of the biggest red flags for getting pulled for an audit, just FYI.
I I would not do it unless you have a bullet proof situation.
I I would not do it unless you have a bullet proof situation.
This is atrocious advice. I'm guessing people are being honest and not committing tax fraud. I'm all for taking deductions and credits you're eligible for but people who start plugging numbers in Turbo Tax and see their refund go up and start bumping everything up are criminals. Don't get me wrong there are absolutely some gray areas but I see a LOT of fraud (whether intentional or unintentional) on self prepared taxes.
For the most part I'd say my clients are better off with the simplified method ($5/Sq ft).
http://www.apnewsarchive.com/1998/E...Sentenced/id-4fcaeb6c2306dfc1de03a7c257c9b2ae
this guy probably disagrees with you.
Just claim everything you can think of. Also claim head of household regardless. And of you sister has five kids and can't claim them all, take the other two, get their socials and claim them. Easy peezy.