Hi
My mother and I had a business for decades but she passed away. She was a sole prop, so for this tax season I will be filing as a sole prop. The business is out of my parents home. Can my dad claim a home office deduction if I am using his house as a sole prop? He does not charge me rent. It is still a family business.
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No, nothing related to the business or its expenses. He can still claim his property taxes and mortgage interest for his home, but not any home office expenses.
Any business expenses have to be claimed as part of Schedule C for the business, which is part of your return.
No,
only you could claim a Home Office Deduction if it were your home since you are the business owner.
You could pay rent, and he could claim the rent income and deduct expenses relating to the space.
So even though the business operates out of his home, there is absolutely nothing he can claim on his taxes as deductions?
No, nothing related to the business or its expenses. He can still claim his property taxes and mortgage interest for his home, but not any home office expenses.
Any business expenses have to be claimed as part of Schedule C for the business, which is part of your return.
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