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To qualify for home office deductions, you must use the space regularly and exclusively as your place of business, which means personal activities cannot be conducted there.
If you're eligible, you can deduct a proportionate share of expenses including mortgage interest, depreciation deductions, utilities, insurance, security systems and repairs.
Even better, the IRS recently issued new regulations on home sales that provide an unexpected tax bonanza for people who work out of their homes. You can now pocket more of the $250,000 home sale gain exclusion ($500,000 for married couples filing jointly).
Of course, there are other restrictions. And you need to keep certain records to prove that the office is used for your construction business.
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Contact us. We can help determine if you qualify for home office deductions and make sure your work space meets all the requirements under tax law. |
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