I dont own a house, but I do work out of my apartment. Do I qualify for the home office deduction?
Answer. Answer. If you use a portion of your home regularly and exclusively for business, then you qualify for the home office deduction, even if you rent your house or apartment. The exclusive part is usually the more difficult of the two requirements to meet. This means that the space can be used only for business and have no other personal usage. For example, if the room you use for your office has a TV that the kids use to play video games, then the space would not qualify for the home office deduction. If your business space meets the regular and exclusive requirements, all of the costs associated with then maintaining that portion of your home are deductible, including your rent and utilities. The deductible amount is based on the business percentage of the use of the home. CANCELLED DEBT Question. A taxpayer received a 1099-C reporting cancelled debt from credit cards he used for personal purchases. The taxpayer is neither bankrupt nor insolvent. The 1099-C indicated that a port
