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Real Estate fg>
Eileen M. Day realtor “.ts
SIDELINES BUSINESS
AT HOME
Once upon a time, the IRS tried to tighten the rules for taking home office deductions. It’s thrust was to require the business to be the homeowner’s “principal place of business.’’ That eliminated those who used an area for a second or sideline business. That rule has now been eased. A home office that is used regularly and exclusively as a principal place of ANY business, including a sidelines business, now qualifies for tax deductions.
You base the deductible portion of the area used for business by either of two ways: (a) the percentage of your space used as an office, or (b) the percentage of rooms used for business, whichever is the most advantageous for you.
You can deduct the following expenses by that percentage: Gas and electric bills; maintennee costs (painting; plumbing, heating system repairs, etc.); and depreciation for that amount of space used.
Home ownership keeps coming up with new ways to remain die best tax shelter in America.
If there is anything we can do to help you in the field of real estate, please drop in at EILEEN M. DAY, Realtor, The Clopton House, Washington, Va. 22747. Phone: 6753400. We’re here to help.
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