IRS Provides safe harbor rule for business use of home.

Effective for 2013 and forward the IRS will allow a deduction of $5 per square foot for the portion of the home that is used exclusively in a qualified business, not to exceed 300 square feet ($1,500).  Additionally you can still deduct all of your mortgage interest and property taxes as itemized deductions.

For tax years beginning in 2018 the home office deduction is no longer available to employees as a miscellaneous itemized deduction.

By : jjadmin /January 28, 2014 /Uncategorized /0 Comment

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