Yes, you may
qualify...read the requirements below to see if your situation meets the IRS
requirements.
If you use part of
your home for business, you may be able to deduct expenses for the business use
of your home. The home office deduction is available for homeowners and
renters, and applies to all types of homes.
there are two basic
requirements for your home to qualify as a deduction:
1. Regular and
Exclusive Use.
You must regularly
use part of your home exclusively for conducting business. For example, if you
use an extra room to run your business, you can take a home office deduction
for that extra room.
2. Principal Place
of Your Business.
You must show that
you use your home as your principal place of business. If you conduct business
at a location outside of your home, but also use your home substantially and
regularly to conduct business, you may qualify for a home office deduction. For
example, if you have in-person meetings with patients, clients, or customers in
your home in the normal course of your business, even though you also carry on
business at another location, you can deduct your expenses for the part of your
home used exclusively and regularly for business. You can deduct expenses for a
separate free-standing structure, such as a studio, garage, or barn, if you use
it exclusively and regularly for your business. The structure does not have to
be your principal place of business or the only place where you meet patients,
clients, or customers.
Generally,
deductions for a home office are based on the percentage of your home devoted
to business use. So, if you use a whole room or part of a room for conducting
your business, you need to figure out the percentage of your home devoted to
your business activities.
Additional tests for employee use. If you are
an employee and you use a part of your home for business, you may qualify for a
deduction for its business use. You must meet the tests discussed above plus:
- Your business use must be for
the convenience of your employer, and
- You must not rent any part of
your home to your employer and use the rented portion to perform services
as an employee for that employer.
If the use of the
home office is merely appropriate and helpful, you cannot deduct expenses for
the business use of your home.
Please see the
following link for more information IRS Business Use of Your Home
(click here)
To enter your expenses in Turbo Tax, use the search box function in the upper right hand corner of your Turbo Tax software. Type in "home office" this will bring up a "Jump to Home Office' link...click on that link and let Turbo Tax guide you though the process of entering your information.
