What can I write off at tax time in my home?

Here is a general list of Office-In-Home expenses that are deductible:

Mortgage Interest (Be careful here you cannot duplicate the deduction if you also took this as an itemized deduction)
Property Taxes *Same as above
Rent if you do not own your home
Insurance
Utilities
Repairs & Maintenance

You can only deduct the percentage that pertains to your business for "indirect expenses", to figure this percentage use this method:

SF of designated office and/or storage space / total square footage of home
Example: (200sf / 2,000sf = 10%)

However, you can claim 100% of "direct" expenses, for example, you repair the roof on your house, this is an "indirect" expense to your business so you can only deduct 10% of replacing the roof, but you paint the room that is designated as your home office, you can can deduct 100% of this expense because it is a "direct" expense.

You can also deduct depreciation on your home (not a rental). To do this you will need to provide the value of your home minus value of the land (land is not depreciable).

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Rebecka Melson ~ Virtual Business Services

Hi there I don't know how on earth I missed this thread BUT it looks like Rebecka gave you a solid reply - here's another link that might help as well! (oh, and one more!)
Plus, don't forget to check the IRS resources available for even more info.

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