Hello!
How can I calculate a home office deduction (for a sole proprietorship) for a home that I own (i.e., no mortgage interest)? What items are eligible to be included in the calculation? Does it make any difference if my home is located overseas?
Thank you!
The rules for claiming the home office deduction are the same regardless of whether you live in the US or abroad. This boils down to four basic qualifications: You must be self-employed; You must exclusively use your home office for work; You must regularly use your home office for work; and Your home office must be your principal place of business.
You can use the simplified method, which is $5 per square foot of the office or actual expenses, the largest one, which is generally a mortgage. Others are insurance, utilities, repairs, maintenance, and depreciation.
Thank you for the question @cmallow17
All the best,
Marc T.
TurboTax Live Tax Expert
27 Years of Experience Helping Clients
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