Do you claim a deduction for an office in your home? What about your garage? Yes. I know it’s surprising, but if you comply with IRS regulations, you may be able to include your garage, or part of it, when you calculate your business-use percentage.
You’ll get the details when you check out my new article titled Tax Tips: Can Home Office Tax Deductions include Garage Space?
Three ways our fact-filled article can help you:
- We’ll explain the “usable-space” concept. To illustrate the issues involved, we’ll take a look at the Culp case. It gives you insight into how the IRS computes business use and personal use. You’ll learn how to avoid being Culp-able when you read the full article.
- We’ll tell you when you can’t count your garage space. To make this point clear, we quote from IRS Publication 587. It provides an example of how to appropriately calculate the business-use percentage of a home/garage. You’ll get all the details when you read the full article.
- We’ll give you the scoop on detached garages. Does tax law treat the detached garage differently from the attached garage? Yes! And we’ll list two rules that apply to the detached garage, plus lots more when you read the full article.