Home business expense deduction - wife owns house
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bjs14
Level 1

Home business expense deduction - wife owns house

Married Filing Jointly.  My wife bought our house in her name and is the only name on the deed and mortgage, though we both contribute to the costs equally (mortgage, taxes, repairs, etc).  I use the basement to run my business,  the entire basement is used exclusively for my business and it is the primary and only location.

 

Can I deduct any of the home expenses (based on sqft % etc) - ie. mortgage, repairs, utilities on my business?

5 Replies
AnnetteB6
Employee Tax Expert

Home business expense deduction - wife owns house

Yes, since you are filing a joint return and you both contribute to the costs of the home, you can claim the home expenses related to your qualified home office.  

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bjs14
Level 1

Home business expense deduction - wife owns house

Thanks!  Do I base it on the entire amount of my contribution.  For example if mortgage interest is $10,000 do use the sqft percentage times the $10k or times $5,000 - my half of the contribution?

MinhT1
Expert Alumni

Home business expense deduction - wife owns house

You should use the full mortgage interest ($10,000) multiplied by the sqft percentage.

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SweetieJean
Level 15

Home business expense deduction - wife owns house

Are you self-employed, or a W-2 employee?

bjs14
Level 1

Home business expense deduction - wife owns house

self employed, llc

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