Q: I run two sole proprietorships out of my house. Do I need to use separate rooms for each business if I want to claim home-office deductions? W.D., Smyrna, Ga.
A: No, you don't need to use separate rooms for each business. But whatever space you choose, you must use it "regularly and exclusively" for activities that will sustain the home-office deductions. For example, don't use your home office space to keep track of your personal investments. That would completely kill your home-office write-off. File a separate Form 8829 for each home business activity that you conduct as a sole proprietor. If you have multiple businesses, you must allocate your home-office expenses to separate Forms 8829 using some reasonable method, such as revenue or time spent.
Like what you've read? ...Republish it and share great business tips!
Attention: Readers, Publishers, Editors, Bloggers, Media, Webmasters and more...
We believe great content should be read and passed around. After all, knowledge IS power. And good business can become great with the right information at their fingertips. If you'd like to share any of the insightful articles on BusinessManagementDaily.com, you may republish or syndicate it without charge.
The only thing we ask is that you keep the article exactly as it was written and formatted. You also need to include an attribution statement and link to the article.
" This information is proudly provided by Business Management Daily.com: http://www.businessmanagementdaily.com/22849/how-to-write-off-two-home-offices "