Posted on Wednesday, 20th May 2009 by admin
Business Directory
What percentage of my home phone, internet, heating, electric, etc bills is eligible for a tax deduction? We use our home in order to conduct the business of renting out a few apartments. How do I figure the correct percentage? The time and space used for conducting the “business” varies soooo much throughout the year. any advice?
New York City Job Listings
What percentage of my home phone, internet, heating, electric, etc bills is eligible for a tax deduction? We use our home in order to conduct the business of renting out a few apartments. How do I figure the correct percentage? The time and space used for conducting the “business” varies soooo much throughout the year. any advice?
New York City Job Listings
Tags: Calculate Percentage, Renting, Tax Deduction
Posted in Other - Taxes | Comments (4)
May 20th, 2009 at 8:33 pm
Hide Folders
Use the square footage of the room you use for business and divide that by the sq ft of the entire house. Take that % times utilities and other household bills, except food.
May 24th, 2009 at 4:09 am
You won’t be deducting anything.
Renting a few apartments out isn’t going to require a dedicated office so you will flunk the exclusively and regularly tests.
If you had long distance calls, add those to the schedule E.
May 26th, 2009 at 12:09 pm
Dolphin Hosting
If your office is the dining room table, multiply your expenses by zero. If you have one room devoted solely to business, you can prorate expenses by square footage.
May 28th, 2009 at 10:58 am
Dolphin Hosting
You can only deduct the % of the total that is the space you use regularly and exclusively for business. From your description, it’s very doubtful if you qualify to deduct home office expenses at all.