Use this worksheet if you file Schedule F (Form 1040) or you are an employee or a partner.
| Part 1 - Part of Your Home Used for Business: | |||||||
| 1) | Area of home used for business | ||||||
| 2) | Total area of home | ||||||
| 3) | Percentage of home used for business (divide line 1 by line 2 and show result as percentage) | % | |||||
| Part 2 - Figure Your Allowable Deduction | |||||||
| 4) | Gross income from business (see instructions) | ||||||
| (a) Direct Expenses |
(b) Indirect Expenses |
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| 5) | Casualty losses | ||||||
| 6) | Deductible mortgage interest | ||||||
| 7) | Real estate taxes | ||||||
| 8) | Total of lines 5 through 7 | ||||||
| 9) | Multiply line 8, column (b), by line 3 | ||||||
| 10) | Add line 8, column (a), and line 9 | ||||||
| 11) | Business expenses not from business use of home (see instructions) | ||||||
| 12) | Add lines 10 and 11 | ||||||
| 13) | Deduction limit. Subtract line 12 from line 4 | ||||||
| 14) | Excess mortgage interest | ||||||
| 15) | Insurance | ||||||
| 16) | Repairs and maintenance | ||||||
| 17) | Utilities | ||||||
| 18) | Other expenses | ||||||
| 19) | Add lines 14 through 18 | ||||||
| 20) | Multiply line 19, column (b) by line 3 | ||||||
| 21) | Carryover of operating expenses from prior year (see instructions) | ||||||
| 22) | Add line 19, column (a), line 20, and line 21 | ||||||
| 23) | Allowable operating expenses. Enter the smaller of line 13 or line 22 | ||||||
| 24) | Limit on excess casualty losses and depreciation. Subtract line 23 from line 13 | ||||||
| 25) | Excess casualty losses (see instructions) | ||||||
| 26) | Depreciation of your home from line 38 below | ||||||
| 27) | Carryover of excess casualty losses and depreciation from prior year (see instructions) | ||||||
| 28) | Add lines 25 through 27 | ||||||
| 29) | Allowable excess casualty losses and depreciation. Enter the smaller of line 24 or line 28 | ||||||
| 30) | Add lines 10, 23, and 29 | ||||||
| 31) | Casualty losses included on lines 10 and 29 (see instructions) | ||||||
| 32) | Allowable expenses for business use of your home. (Subtract line 31 from line 30.) See instructions for where to enter on your return | ||||||
| Part 3 - Depreciation of Your Home | |||||||
| 33) | Smaller of adjusted basis or fair market value of home (see instructions) | ||||||
| 34) | Basis of land | ||||||
| 35) | Basis of building (subtract line 34 from line 33) | ||||||
| 36) | Business basis of building (multiply line 35 by line 3) | ||||||
| 37) | Depreciation percentage (from applicable table or method) | % | |||||
| 38) | Depreciation allowable (multiply line 36 by line 37) | ||||||
| Part 4 - Carryover of Unallowed Expenses to Next Year | |||||||
| 39) | Operating expenses. Subtract line 23 from line 22. If less than zero, enter -0- | ||||||
| 40) | Excess casualty losses and depreciation. Subtract line 29 from line 28. If less than zero, enter -0- | ||||||
Information courtesy of the Internal Revenue Service.
