Publisher
WiseGuides, Inc.
2796 Greenspire Ln
Akron, Oh 44333
Business Use of Home
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Copyright © 2010 | Field of Study: Taxes Level: Basic Recommended CPE Credit 3 hours Prerequisites: None Advanced Preparation: None Type of Delivery: Self-Study Expiration: Course expires 1 year after purchase Course Update: January 2010 Accreditation: QAS, NASBA, IRS, CTEC, OTPB Guarantee/Complaint Resolution |
Course Outline
Lesson 1 - Business Use of A Home
Learning Objectives 1
Overview
Qualifying for a Deduction
Additional Tests
Exclusive Use
Storage of Inventory/Samples
Regular Use and Business Use
Principal Place of Business
Administrative/Management
Example 1.1
Example 1.2
Example 1.3
Example 1.4
More Than One Trade/Business
Place to Meet Patients/Clients
Separate Structure
Lesson 2 - Figuring the Deduction
Learning Objectives 2
Business Percentage
Part-Year Use
Deduction Limit
Carryover of Unallowed Expenses
Figuring the Deduction
More Than One Business Place
Lesson 3 - Deducting Expenses
Learning Objectives 3
Types of Expenses
Related to Tax-Exempt Income
Examples of Expenses
Real Estate Taxes
Deductible Mortgage Interest
Casualty Losses
Insurance
Rent
Repairs
Security System
Utilities and Services
Telephone
Lesson 4 - Depreciating Your Home
Learning Objectives 4
Allowance for Depreciation
Permanent Improvement
Adjusting for Depreciation
Fair Market Value
Depreciation Deduction
Depreciation Table
Example 4.1
Permanent Improvements
Sale or Exchange of Home
Lesson 5 - Day Care Facility
Learning Objectives 5
Regular Use Day Care
Figuring Day-Care Deduction
Example 5.1
Day-Care Meals
Standard Meal and Snack Rates
Lesson 6 - Business Furniture and Equipment
Learning Objectives 6
Overview Lesson 6
Listed Property
More-Than-50%-Use Test
Employee
Years After Placed in Service
Reporting/Recordkeeping
Bought for Business Use
Section 179 Deduction
Depreciation
Personal Property
Recordkeeping
Lesson 7 - Where To Deduct
Learning Objectives 7
Self-Employed Persons
Mortgage Interest
Insurance Premiums
Deductible Real Estate Taxes
Other Expenses
Employee Deductions
Adequately Accounting to Employer
Rental to Employer
Employee Mortgage Interest
Employee Real Estate Taxes
Other Expenses of Employees
Example 7.1
Partners
Schedule C Example
Course Objectives
Lesson - 1After completing Lesson 1, you will be able to:
- Determine if specific tests are met in order for a taxpayer to deduct expenses relating to business use of a home
Pay particular attention to paragraphs marked by the Wiseguy.
He'll guide you to key issues.
After completing Lesson 2, you will be able to:
- Figure the deduction limit and carryover of disallowed business expenses for use of the home
After completing Lesson 3, you will be able to:
- Determine the types of expenses used to figure the deduction for use of the home and the extent to which they are deductible
After completing Lesson 4, you will be able to:
- Determine the appropriate depreciation table to use for the part of the home used for business
- Figure the depreciation on the part of the home used for business
- Distinguish between repairs and improvements
- Determine if there is a taxable gain on the sale of a home used for business
After completing Lesson 5, you will be able to:
- Figure the business percentage used for direct expenses with regard to a daycare facility
- Identify where to report and claim the cost of food provided to daycare recipients
- Determine what records must be kept for figuring the part of available time used for the day-care facility
After completing Lesson 6, you will be able to:
- Identify listed property used in the home for business
- Determine the more-than-50%-use test for listed property
- Determine the depreciation and Section 179 deductions that may be taken for furniture and equipment used in the home for business or work as an employee
After completing Lesson 7, you will be able to:
- Compute the deductible business expenses of an employee's use of his home