Which of the following statements regarding limitations on the deductibility of home office expenses of self-employed taxpayers
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Question:
Which of the following statements regarding limitations on the deductibility of home office expenses of self-employed taxpayers is correct?
Multiple Choice
Deductible home office expenses are miscellaneous itemized deductions subject to the 2 percent of AGI floor.
Deductible home office expenses are deducted as itemized deductions.
Deductible home office expenses are for AGI deductions limited to gross income from the business minus non–home office–related expenses.
Deductible home office expenses are for AGI deductions and may be deducted without limitation.
Expert Answer:
Rule of Taxation Usually the deduction on account of a home used as office is not eligible for deduc... View the full answer
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