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Study Guide- Home Office Deduction

The study guide is provided to guide you through the course material in a step by step format.

Course material is a PDF document.

Chapter 1 – Qualifying for a Home Office Deduction

Assignment: Chapter 1 <<>> Review Questions  Group #1: # 1-3

When you have completed this chapter, you should be able to:

  • Recognize the general requirement for exclusive use applicable to home-office deduction and the exceptions to the requirement;
  • List the requirements that apply to a taxpayer’s qualifying for a home-office deduction for purposes of storage of product samples or inventory;
  • Identify the conditions a taxpayer must meet in order to qualify for the exception to the exclusive use rule when operating a daycare facility;
  • Recognize the factors that must be considered to determine if a taxpayer’s home is the principal place of business for purposes of the home-office deduction; and
  • List the exceptions to the requirement that a home office must be the taxpayer’s principal place of business in order to qualify for a home-office deduction.

Chapter 2 – Figuring the Home Office Deduction

Assignment: Chapter 2 <<>> Review Questions Group #2: #1-5

When you have completed this chapter, you should be able to:

  • Distinguish between the actual expense method and simplified method of figuring the home-office deduction;
  • List the expenses normally deductible by taxpayers using a home for business purposes who use the actual expense method;
  • Recognize the limits applicable to a home-office deduction; and
  • Calculate the home-office deduction for daycare facilities

Chapter 3 – Deducting & Recordkeeping

Assignment: Chapter 3 <<>> Review Questions Group #3: #1-4

When you have completed this chapter, you should be able to:

  • Identify where expenses of a home office are deducted; and
  • Recognize the recordkeeping requirements applicable to taxpayers taking a home-office deduction.

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