Home is 20 feet x 30 feet (it has three floors and all three floors are useable)  One bedroom (10'x16') designated for Office Expenses per year:  Utilities $10,000.00  M&R $2,000  Mortgage Interest (3.95% and mortgage is 1.5 million)  Insurance $1,500.00  Property taxes $7,000.00 What is the Allowable Office in the Home Deduction? Tax Implications (Home Office)??

Answer rating: 100% (QA)

To determine the allowable home office deduction you need to calculate the percentage of your homes ... View the full answer