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If
you
regularly
and
exclusively
use part of your home for business
or if you regularly use part of your home
for
day care
or to
store
inventory or product samples
,
then you may be able to take a portion of your home expenses as a deduction.
For
an office or storage in the home:
-
Total square footage of your home
-
Total square footage used regularly and exclusively for office
-
Total square footage used for storage of inventory or product samples
For
day care business in your home:
-
Total square footage of your home
-
Total square footage used regularly and exclusively for day care
-
Total square footage used only partly for day care
-
For part-time use: hours per day and days per year
Expenses
of the office, day care or storage may be both direct and indirect. Direct
expenses are those which are paid for and apply only to the business portion of
the home. For example, if you have a separate insurance policy on the dedicated
day care portion of your home, that would be direct. The amount you pay for
homeowner's insurance on your entire house would be allocated and therefore
indirect.
Provide
both direct and indirect costs for the following:
-
Insurance
-
Repairs and Maintenance
-
Rent
-
Utilities
-
Other expenses
If
you are buying your home, we will get the interest and taxes from information
provided elsewhere.
But we will need to know about your home's value to create a depreciation
expense:
-
Purchase price of your home
-
Cost of Improvements (not repairs) to your home
-
Prior depreciation taken, if any (include a
COPY
of your prior year tax return)
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Current fair market value of your home
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Percent of value attributable to land
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