Can I deduct Storage of Equipment for Home Office?

[peterle52]

Hello.  I teach piano for a living and I currently store all my equipment for Piano events in our home storage unit.  I hold one annual recital and one piano camp so I store things like games, toys, props, chairs, tables, etc.  Can I deduct this storage area as a home office?  I would probably do the simple method and deduct $5 per square foot.  Thanks for the help!  

[BarbL]

If it is a defined space in your home used exclusively for business-related items, then it will qualify as a home office deduction .

If it is a storage unit at another location that you pay a monthly fee to lease, then it can be considered a miscellaneous business expense and deducted in the same manner as your other business expenses.  If only a portion of the unit is used for your business items, you will need to pro-rate the cost accordingly.

[peterle52]

Thanks BarbL.  The space in the storage unit that I store my equipment, is exclusively used for business-related items.  

I appreciate your response!

[BarbL]

That makes it much simpler.  Happy to help!