Simplified Home Office Deduction
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Using the optional method relieves you from having to keep records of your home office expenses such as utilities rent mortgage payments real estate taxes or casualty losses.
Simplified home office deduction. The simplified method for determining the home office deduction is fairly straightforward. You receive a standard deduction of 5 per square foot up to 300 square feet the deduction can t exceed 1 500. It merely simplifies the calculation and recordkeeping requirements of the allowable deduction.
So it can only be used for offices up to 300 square feet. In addition to the home office space deduction you may also claim mortgage interest and real estate taxes on schedule a. Simplified home office deduction.
However the deduction is capped at 1 500 per year. This simplified option does not change the criteria for who may claim a home office deduction. The simplified method doesn t change who can claim it but it does simplify your calculations and records.
The home office deduction is available for homeowners and renters and applies to all types of homes. It s worth 5 for every square foot that makes up your office space. Fill out a six line page and deduct up to 1 500.
Simplified option for taxable years starting on or after january 1 2013 filed beginning in 2014 you now have a simplified option for computing the home office deduction irs revenue procedure 2013 13 january 15 2013. For anyone who wants to claim the simplified home office deduction the irs allows you to claim a deduction that s based on the square footage of your office. Highlights of the simplified option.
Standard deduction of 5 per square foot of home used for business maximum 300 square feet. Safe harbor home office deduction simplified method this is a simplified method for figuring your home office deduction. The simplified deduction is optional.
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