I'm running my small business from my rented apartment. Can I deduct my rent as a business expense? If so, can I deduct all of my rent or just part of it? Is there some methodology for deciding how much of your rent to deduct for a home office?
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Yes, you can claim part of your rent as a business expense. You have to meet a few criteria though. First, you actually need to be conducting business from your home. Second, you need to have some portion of the house that is exclusively used for business. To figure out how much of your rent you can deduct, figure out what percentage of the house is used for business and what percentage for personal use. You can then use that percentage split as a methodology to allocate your business expense. Standard caveat that this isn't official advice and you should ask an accountant... |
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