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Posted by bono9763@yahoo.com on February 13, 2007, 6:00 pm
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dcarri...@prodigy.net wrote:
> Is rent on a warehouse live/work space treated
> differently that common office in home type rent?
> Can one deduct one-half monthly rent as schedule C
> expense (line 20b) or does one have to report rent on
> schedule 8829 as an office-in-home exp.and thus
> lose a substantial deduction?
>
> My client is a full-time teacher and a full-time
> artist (wood carvings) he rents a live-work space in a
> warehouse type building shared with other artists in
> Oakland, CA with upper floor devoted to personal living
> and down stairs devoted to his art business. He
> reports his art business on scheule C and has business
> expenses exceeding business income for several years.
> Only one lease. Separate entrances for each section.
Why would he lose a deduction for reporting it as an office
in home? This deduction can also be used on schedule C. As
long as the space is used regularly and exclusively for
business, it qualifies for a Sch. C deduction.
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