home office expense

Definition

An expense that the IRS considers deductible for the use of a portion of residential housing used as office space. This is typically calculated based on the percentage of the square footage of the house used for operating the business and the hours per year the space is used or made available for business purposes. Examples of deductible expenses include repairs and upgrades, utilities, homeowners insurance, mortgage interest, and property taxes.

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home mortgage interest deduction trader