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- W349783583 abstract "EXECUTIVE SUMMARY * In general, the home office must be used exclusively and regularly as the principal place of business or to meet and deal with customers in the normal course of the business. * If the taxpayer is an employee, the home office must be maintained as a convenience to the employer. * Whatever the area of the home office, it must not be used for any personal purposes. * To qualify under the trade or business test, the area of the home must be used in connection with a trade or business, not merely a profit-seeking activity. * The deduction is limited to income from home office activities, but any allowable excess deduction may be carried forward to future tax years, where it will again be subject to the income limitation. * Expenses must be deducted in a specific order: mortgage interest, real estate taxes and qualifying casualty losses; direct expenses such as repairs to business equipment and supplies; insurance utilities and general repairs; and depreciation. Depreciation allowed or allowable may be subject to recapture when the home is sold or otherwise disposed of. The deductibility of a casualty loss depends on the property affected. If the loss is on the business portion, only it is a direct expense and the entire loss is includable. ********** Every year new technology makes working at home more feasible. The rising costs of commuting make it economical and the convenience factor makes it ever more attractive. As many as 51 million workers are likely to telecommute by 2008--about 14 million of them working from home fulltime. Both self-employed and employee taxpayers may qualify for home office tax deductions, but the additional requirements for employees often are difficult to meet. Taxpayers and their CPAs need to be familiar with the requirements to maximize deductions and lower tax liability. CRITERIA FOR DEDUCTION Deductions for office-in-home expenses are available for qualified taxpayers, both self-employed and employees. To qualify for office-in-home deductions, taxpayers must meet the criteria provided by IRC section 280A. They must use part of the home * Exclusively and regularly as the principal place of business. * Exclusively and regularly as a place to meet or deal with patients, clients or customers in the normal course of the trade or business. * In the case of a separate structure that is not attached to the home, in connection with the trade or business. Additional tests must be met if the taxpayer is an employee. In that case the office must be for the convenience of the employer and not for the convenience of the taxpayer. This is the most difficult rule to overcome. The taxpayer also must not rent to the employer any part of the home that he or she uses to perform services as an employee of that employer. In Cadwallader, TC Memo 1989-356, the Tax Court found that the university provided adequate office space to professor Cadwallader and denied the home office deduction. The Seventh Circuit upheld the Tax Court's decision. If the university had failed to supply Cadwallader with adequate office facilities, that would imply it expected him to maintain a suitable office at home. If he had used such an office exclusively and on a regular basis for his scholarly research and writing, he would be entitled to the home office deduction under IRC section 280A. But since the university provided him with adequate facilities on campus, the fact that he had chosen to work at home instead did not entitle him to take a deduction. In this situation the home office was not maintained for the convenience of the employer but for the convenience of the employee. EXCLUSIVE AND REGULAR USE To meet the exclusive use test, a taxpayer must have a specific part of the home--though not necessarily a complete room--set aside and used regularly and exclusively for business purposes. …" @default.
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- W349783583 date "2006-12-01" @default.
- W349783583 modified "2023-09-23" @default.
- W349783583 title "Home Office Deductions: Computing the Limitations on Home Office Expenses" @default.
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