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nexttrump
New Member

Woodworking business out of my attached garage,1/2 the space for equipment and inventory. Garage floor epoxied for easy clean, can this be considered a business expense?

 
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2 Replies
Carl
Level 15

Woodworking business out of my attached garage,1/2 the space for equipment and inventory. Garage floor epoxied for easy clean, can this be considered a business expense?

Actually, it's a property improvement and should be reported as such in the Business Assets section. But if the cost was less than $2500, then you can just expense it if you like. Since you only claim 1/2 the space for business use, you can only claim 1/2 of your costs.

georgesT
New Member

Woodworking business out of my attached garage,1/2 the space for equipment and inventory. Garage floor epoxied for easy clean, can this be considered a business expense?

Yes, you may be able to claim the home office deduction if your office is used regularly and exclusively for your business and is your principal place of business

TurboTax will help you determine if you can claim the deduction and how much the deduction is worth when entering your information.

The home office deduction lets you deduct things like mortgage interest, insurance, utilities, repairs, and depreciation for the portion of your home used for business. It's available to homeowners and renters alike.

See the FAQ answer below on where to enter you home office business expense.

https://ttlc.intuit.com/replies/4773249

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