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srt8
10-01-2008, 01:17 AM
Say you have a 2500 sq ft house and you use 300 sq ft of it for your home business (storage). House is worth 500,000, how much of that per year can you claim as expense?
I realize there are additional expenses but mainly wondering how much of the actual house you can claim.
RJ*
10-01-2008, 01:27 AM
7 dollars
srt8
10-01-2008, 03:43 AM
eat my anus
AlbertaBeef
10-01-2008, 03:16 PM
Are you sole proprieter business, corp or employed with a signed T2200 stating you use home office for work? If so are you comission paid? In other words need more info.
applesauce
10-01-2008, 08:37 PM
rj's close

i was gonna say like 12 bucks
srt8
10-01-2008, 09:39 PM
Are you sole proprieter business, corp or employed with a signed T2200 stating you use home office for work? If so are you comission paid? In other words need more info.
sole proprieter, using the space for small hair/nail salon.
AlbertaBeef
11-01-2008, 03:12 PM
On your T2124 you will take your total square footage, if you operate out of the basement include that as well less laundry/furnace footage and divide by footage actually used for business.

Total of utilities, repairs & maintenance, insurance, mortgage interest not payments. Divide by percentage of footage calculation and that is deduction for home. I don't have the T2124 in front of me but it will tell you all this as well as your other expense deductions.