Part One: Home Office Deduction May Include Your Garage
written by Kevin Clark
Expenses for your home office or workshop used to manage your rental property are considered deductible expenses only if you used a portion of your home exclusively and on a regular basis as your principal place of business.Even your garage may be considered storage for your tractor to cut the grass or to hold furnishings you supply.
Certain requirements must be met, so be sure to consult with a tax adviser.
You can deduct a portion of your utilities, real estate taxes, mortgage interest, rent, insurance, repairs, depreciation, and any other expense related to your home.The percentage of actual expense that is able to be deducted is determined by the total square footage of your home office in relation to the size of the entire building.
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