Yes, you can choose to use the simplified method for your home office deduction. Count only the square feet used exclusively for business if you do not have another office location for your self employed business. There can be no personal use of the same space, regular and exclusive are the key components to qualify.
For more details about the home office deduction you can view IRS Publication 587. TurboTax will walk you through the deduction.
Selecting a Method
- You may choose to use either the simplified method or the regular method for any taxable year.
- You choose a method by using that method on your timely filed, original federal income tax return for the taxable year.
- Once you have chosen a method for a taxable year, you cannot later change to the other method for that same year.
- If you use the simplified method for one year and use the regular method for any subsequent year, you must calculate the depreciation deduction for the subsequent year using the appropriate optional depreciation table. This is true regardless of whether you used an optional depreciation table for the first year the property was used in business.
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