I have a home office, I am a real estate agent and work mostly from home. I also have another business I work on the side selling & advertising my products online, I am using taxcut & wondering if I put a home office under each business or just claim 1 home office under my real estate which makes the most money?
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if you use your office 80 percent of the time for the real estate business and 20 percent for the other then that’s the way you need to put it down.
For the real estate it doesnt matter if you work more from home unless you are a self employed broker. If you have a main office that you can go to then the home office is not necessary. It may be ok for the second one. It must be ordinary AND necessary. Not convenient. The space must be used exclusively for your business. You cant go in there off time and play computer games or watch tv. If you rent then I say go for it. If you own the home then think twice of deducting home depreciation as you will have to add that back in if you sell in less than the 40yrs it takes to depreciate it. If you have a 2000 sq ft home and the office is 500 sq feet then it uses 25% of your home. You can deduct 25% of costs like utilities and rent. Supplies, insurance, expenses are always deductible for either job.