The home office deduction requires that a space in your home be used regularly and exclusively for your business. The home office must also be your principal place of business. A storage area alone cannot qualify as your principal place of business. Therefore, without another place in your home being used regularly and exclusively, you do not qualify for the home office deduction.
The exception for the storage area is only with regard to the exclusive use qualification. This means that the space that you use for storage for your business does not have to be exclusively dedicated only to your business if other items are occasionally stored there.
See the following TurboTax article for more information:
The Home Office Deduction
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