Many people generate income from business activities in their homes. Depending on the circumstances, it may be possible to claim a deduction on the business use of your home. In the Home Office Deduction course, we cover the IRS tests that must be passed in order to take a home office deduction, as well as how to calculate the deduction. In addition, we address home office deduction issues relating to the sale of your home, business furniture and equipment, and how to maintain appropriate records for the deduction.
Learning Objectives
Upon successful completion of this course, participants will be able to:
State the tests that must be met in order to qualify for the home office deduction.
Specify the exclusions from the home office deduction tests.
Recall the mechanics of how the actual expenses method and simplified method are used to determine the home office deduction.
Major Topics
Home Office Deduction
Qualifying for a Deduction
Calculation the Deduction
Sale or Exchange of the Home
Recordkeeping Recommendations
