Question by cl3v3r boy: Taxes on rent and home based business?
I own a large home and I rent part of the home to a single tenant. I live in that home and pay a mortgage and I also report earned income from the collected monthly rent. I am considering using the basement of the home for a single proprietor business.
Given that I rent out part of the home, could I also write off the portion of the home that will be used for the home-based business?
Best answer:
Answer by tro
of course
the portion you use for the home based business must be entirely business related, anything of a personal nature in that space will disallow it
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