Milt runs a sole proprietorship and has a dedicated office in his home. The office...
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Accounting
Milt runs a sole proprietorship and has a dedicated office in his home. The office occupies 200 square feet of his residence (a total of 2,000 square feet). Expenses relating to the residence are as follows: Real property taxes $4,000 Interest on home mortgage 9,500 Insurance on the residence 1,000 His home has a basis of $300,000 (building only, not including the land). His schedule C income before his home office deduction is $150,000. What is Milts maximum deduction for his home office on
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