Would you consider the room I run my business out of (rental home) as a "space I rent for my business"? I had to include the SQFT of this space in my business application

[kaitlynoliver]

I run a small business out of my home. Looking to get the most deductions but I am not sure if this is something that I can deduct. This is my first time filing taxes for my NEW yet small business!

[PattiF]

You would include the room in your rental house that is used for your business as a home office on the Schedule C that you file for the business.

Here are instructions to enter the home office expense if filing a Schedule C for your business.

1. Open or continue your return.
2. Search for Schedule C and select the Jump to link in the search results.
3. Answer any questions about your business until you get to the Your self-employed work summary screen. Select Edit or Review next to your business.
   • You might want to enter your 1099-MISC, 1099-K, cash, and personal check income from your self-employment before you associate any expenses with your business, but this is not required.
4. You'll be asked What kind of expenses did you have for [type of work]? Select Home office. You can also select any other expense categories that apply to your business. Select Continue at the bottom of the screen when you're done.
5. On the Here's your [type of work] info screen, scroll down to the Expenses section, and select Start next to Home office.
6. Enter the info about your home office.

[Carl]

Assuming your business is a sole proprietorship or single member LLC and you report all business income/expenses on SCH C, I seriously doubt you pay yourself rent for space you already own. You should be claiming the home office deduction.

Even if you don't own your house and actually pay rent for it, you still claim it has a home office deduction and the program will walk you through the process of figuring what percentage of the rent you actually pay for your residence, is deductible as a business expense.