Federal Tax Essentials with the IRS – Lesson 4

Lesson 4: Business Use of Your Home

·           Simplified Home Office Deduction

·           Qualifying for business use of the home deduction – Exclusive Use Test

·           Test Your Knowledge – Exclusive Use Test

·           Test Your Knowledge – Exclusive Use Test

·           Regular Use Test

·           Test Your Knowledge – Regular Use Test

·           Principal Place of Business Test

·           Activities that don’t disqualify your home office

·           Test Your Knowledge – Principal place of business test

·           Meeting Place for Customers Test

·           Test Your Knowledge – Meeting Place for Customers Test

·           Separate Structure Test

·           Test Your Knowledge – Separate Structure Test

·           Deduction limits

·           Types of expenses

·           Expenses related to the business activity in the home

·           Business Use of the Home Expenses

·           Deductible expenses

·           Deduction limits – Gross Income

·           Example – Determining the home office deduction

·           What you can’t do

·           Selling your home when you used it for business

·           Illegal Tax Avoidance Schemes

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