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Video instructions and help with filling out and completing Net operating loss for individuals 2020-2022
In this fifth and final video for chapter 3 in accounting 205 I would like you to go to the office and the home deduction alright and that is on page 324 in New York all right okay we're gonna discuss office in the home and net operating losses and hobby losses in this video the office and the home deduction is one of the most scrutinized deductions that you can have on your return all right maybe it's because it's hard to prove from the IRS point of view if you take a large office in the home deduction the they would have to literally come out and check you at your house and if they want to do so let's make sure that we we look at the requirements to have a legitimate office in the home deduction all right on page 324 they tell you that a taxpayer is not allowed to have an office in the home deduction unless they could meet one of the four tests on page 324 all right under the first test or exception all right you must use your home office regularly and exclusively okay all right number two the second exception says that if the home is used exclusively and on a regular basis by patients clients or customers that constitutes a home office number three the home office is allowed if it is a separate structure away from the house like an unused garage or a pole barn something like that number four the home office deduction is allowed if you use your home for storage of inventory all right okay so let's let's go back and review these a little bit all right generally the office in the home deduction is is allowed if for example someone walked in your home and they could tell that you indeed have a home office in nothing else for example you're using a spare bedroom when they walk in it looks like an office all right you have a computer you got a table you got a chair you got file cabinets all right something like that all right now if you just have a table and chair and a computer in the room where your television is or where your laundry is or something like that that's maybe regularly used but it is not exclusive okay and again this is a really great area because if you take the deduction and it's not exclusive you know the IRS literally would have to come out and check your house out if they wanted to you know if they wanted to verify your deduction okay so what can you take on the office in the home deduction all right well first of all if you own your home you can take a pro-rated amount of your real estate taxes in your mortgage interest now how do they do that well very simply it's done by square footage all right so let's.