What if I have several different businesses, each is using home office and inventory is stored as well. Do I take home office deduction for each business?
Do you need to own the home you're using for your business to claim the deduction? I don't own or rent the property, but I use it for business and I live there.
Great video. Could you touch a little on if you have a dedicated office in the home but also have a 1,000 shop on the property for inventory storage and processing?
Hi Mark, thank you so much for the valuable info. I have a quick question regarding home office deduction. Can I still deduct home office deduction if I have a dedicated space in my home for this business but have a virtual business address for my LLC/Amazon Seller Account (so I do not display my home address on Amazon)? Thanks in advance for your insight!
This is why I wasn't planning to use home office deduction. Now that I am aware of simple method, that seems to be the best option so that I don't lose out on capital gains exemption in the future.
Hello Mark, thanks for the digestible info. Could you possible expound upon the detached space/ garage exception that you mentioned briefly in reference to the home office deduction?
Sure thing, if you have a detached space, you don't have to meet the principal place of business requirement for it to qualify for the home office deduction. You still have to meet the exclusive & regular use requirements though.
@@notyourdadscpa awesome, thanks so much for the reply. your spreadsheets have been helping out. now I've just been trying to set myself up appropriately for my first tax season with non w2 filing.
@@notyourdadscpa hi Mark, I finally watched most of your fabulous videos. I love your information. I have a house, 75% is used for work, and I have a detached structure for my jewelry (torch work ). My partner and I ,each have an office, we are multimedia artists, resellers, upcyclers, POD fashion and jewelry designers, so between storage and creation , barely my home is a home, besides one bedroom. Should I use the traditional method? Also you mentioned that if its a business (marriage) partner its slightly different, what is the difference? Are we allotted more space? Such as 600sq feet ? For now, I see, and can prove about 1000 internal sq feet used for work.
