Virtual - IRS Lesson 4 - What you need to know when you run your business out of your home

Hello, and welcome to What You Need to Know When You Run Your Business out of Your Home. In this lesson, we'll provide information on calculating and claiming the deduction for business activities in the home as well as business use of the home. We'll review the requirements you must meet to qualify for a deduction, how to determine the business percentage of home use, the types of expenses you can and cannot deduct either in full or according to the percentage, how to determine the limits on deductions, and where to deduct the expenses on your return. And that term home includes a house, apartment, condominium, mobile home, boat, or similar property which provides basic living accommodations. It also includes structures on the property such as an unattached garage, studio, barn, or greenhouse.

Speaker(s): Daniel Farmer with IRS as our guest speaker

Fee: No Cost