You can list your home office as a business asset and depreciate it. The depreciation period for business property is 39 years. This is (more or less) how you recover the cost over the life of the property. If you aren't in business at that location for the next 39 years, you only recover the portion of the cost that corresponds to your time using the property in business.
The basis for depreciation is the cost to build or the fair market value at the time you place it in service, whichever is lower. If not all the construction costs can be assigned to the business space, you can only list the pro-rated cost of the portion used for business.
Then, if you have a home office, you can also deduct as expenses, a pro-rated share of your property taxes, homeowners insurance, and utilities, based on the square footage occupied by the business.
