hmosbergea
Level 3
04-10-2020
09:24 PM
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100 % home office used for: landlord business (rentals - Schedule E); Consulting business (Schedule C) and investing (not a business).
Question: Since Home Office not used 100 % for consulting - (60% time for consulting and 40% rentals and investing) is a prorated deduction still allowed for Consulting and zero for the other 2 activities?
BobKamman
Level 15
04-11-2020
12:12 AM
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Investing is not a business. Since the office is not used exclusively for business, no deduction is allowed.
Some taxpayers get away with calling rentals a business, depending on the extent and nature of their activities. But that doesn't matter, here.
Tell him to stop investing. He's losing a fortune, anyway.
