Home office deductions: three examples

Article Abstract:

Tax rules on allowable deductions for home offices have been tightened considerably in the past few years. In 'Soliman v Commissioner', the Supreme Court ruled recently that the home office must be used regularly and exclusively for business purposes, either as a principal place of business, or as a place to conduct business with clients, etc in the normal course of affairs. Article includes three examples provided by the IRS as illustrations of permissable and non-permissable deductions. Further information is available in IRS Publication 587.

Home offices

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After the game, claim a deduction

Article Abstract:

Fifty percent of the cost of tickets to sports and other entertainment events can be deducted if accurate and complete records are kept. The cost of the event, when it took place and where, and the nature of the business discussed must be specified.

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