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Re: AMT and Capital Gains in Taxes
November 02, 2018, 09:00:28 am
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Business use of your home tax deduction

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anzibar
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Posts: 15


« on: February 22, 2010, 12:00:23 pm »

Hi all,
I am running my own business in my house, can I deduct property taxes?
Thanks.
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« on: February 22, 2010, 12:00:23 pm »

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danisara
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Posts: 280


« Reply #1 on: February 23, 2010, 01:37:43 pm »

Yes, you can, but only the portion that relates to your business. For example, if you use 1/4 of your home for business, you can deduct only 1/4 of property taxes.
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bugibar
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Posts: 107


« Reply #2 on: February 24, 2010, 11:33:43 am »

Watch out for utilities tax deduction if you consider it for business use of your home tax deduction.

For example your electric bill is $800. You can't deduct 1/4 of your total electric bill (assuming 1/4 use of home for business), but you have to deduct less. You have to remember that you use electric not only for light but also for laundry, dishes, bathing, etc. Unless you really do laundry for business, you can deduct only electric for lighting. So, you reasonably estimate that for example $300 out of the $800 total electric bill is for lighting. Then you deduct only 1/4 of that as a business use of your home electric bill tax deduction, which would be $75.
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anzibar
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« Reply #3 on: February 26, 2010, 01:22:49 pm »

Great advice, thanks to everyone. What about insurance on my home, can I deduct that too?

Also, what if I am only 50% owner of the house, but I am the only one who lives in the house, do I deduct 100% of my bills or only 50%?
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