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Posted by Tax Tip on May 8, 2008, 8:01 am
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If you used a portion of your home exclusively and on a regular basis
as your principal place of business, then the expenses for your home
office are considered deductible expenses.
Certain requirements must be met, so be sure to consult with a tax
advisor.
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.
To learn more about deductible expenses, take a look at all the tips
at RealTaxTips.com ( http://www.trexglobal.com ).
Community Relations TReXGlobal.com
( http://www.trexglobal.com )
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