Taxation of Residence Used Partly for Business

Learning Objectives

• To discuss the general rules for qualifying a home office as a business expense.
• To explain the deductibility of a business's expenses for a home office. 
• To review the advantages of using the safe harbor rule. 
• To know how to satisfy the tax rules associated with working remotely.
• To analyze the deductibility of the expenses of a home office while working remotely.

Course Description

In today's rapidly changing work landscape, the rise of the gig economy and the increasing number of employees working from home has prompted many individuals to establish dedicated spaces within their homes for business purposes. 

This shift in work dynamics has ignited a pressing question: what expenses can be claimed as deductions, and where should they be applied on your tax return? In this CE Tax Webinar, we delve deep into this crucial subject matter, shedding light on the intricate taxing rules that govern the operation of a business from one's home. Furthermore, we'll explore the specific criteria that must be met when deducting home office expenses in scenarios where employers mandate remote work.

The complexities of home office deductions can be a daunting prospect for taxpayers, both in the gig economy and those working at their employers' behest from home. In this webinar, we aim to demystify the intricacies surrounding this topic, providing clarity on what qualifies as a deductible expense and how to navigate the tax implications effectively. Whether you're a freelancer seeking to optimize your deductions or an employee adjusting to remote work requirements, our webinar will equip you with the knowledge and insights needed to make informed financial decisions.

Major Topics Covered

• Basics of Home Office Rules
• Business Use of a Taxpayer’s Home
• Methods of Deduction for Home office
• Basis of Property Acquired from a Decedent
• Sale of Principal Residence with Business Use
• Tax Treatment of Gains and Losses of Business Equipment

Join this CE Course to understand the nuances of these tax regulations, you'll be better positioned to take advantage of potential tax benefits and ensure compliance with evolving tax laws, ultimately securing your financial well-being in the ever-evolving world of work.

Overview

• Hobby versus Business

  5 mins
• Basics of home office rules

  10 mins
• Business use of a Taxpayer's home

  15 mins
• Home office deductions

  31 mins
• Deduction for daycare facility

  40 mins
• Basis of property acquired from a decedent

  55 mins