If you use part of your home for business purposes, you may be eligible to deduct expenses for the business use of your home. This home office deduction is available for both homeowners and renters. There are two basic requirements for you to qualify for this deduction:
- Regular and exclusive use of part of your home.
- Principal place of your business.
The amount of the deduction is dependent on the percentage of your home devoted to business use.
Contact us if you have any questions related to the home office deduction or other tax matters.