Scenario : Home Office Deduction & Business Use of Home
Sole Proprietorship Business Income: $
Qualifies for the home office deduction. Home office is sq ft in a sq ft house.
Eligible homerelated expenses:
Mortgage Interest: $
Property Taxes: $
Utilities: $
Homeowner's insurance: $
Depreciation on the home: $
Interest Income: $
Itemized Deductions includes nonhomeoffice portion of above expenses: $
Allowable deduction for selfemployment tax: $
Calculate:
The home office deduction.
AGI, Taxable Income, and Total Tax Liability
