PatriciaV
Expert Alumni

Deductions & credits

If the space that was remodeled is used exclusively and regularly for your business, you may include the cost as a separate asset for the Home Office Deduction.

If the entire basement was remodeled and a portion was for your Home Office, you will need to allocate the cost to the square footage of your home office. Then add the allocated cost as a separate asset for the home office deduction.

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