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Deductions & credits
@SlickMic said: "she uses the entire lower level of the home (1501 sq.ft.) as her studio" ..... "I see that I can depreciate this area (3500 sq.ft. of living area) of the home and net a considerable refund on my return".
To claim a home office (business use of home), the space must be used "Regularly and Exclusively" for business. It's not possible to use your whole residence Exclusively for business.
‎August 18, 2021
4:19 AM