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Simplified Home Office Deduction
There is a simplified method for determining the home office deduction. UltraTax CS doesn't automatically compare calculation results from the regular and simplified methods. We recommend you view both calculation results to decide which method is the most advantageous for your client.
Highlights of using the simplified method
- Standard deduction of $5 per square foot of home used for business (maximum 300 square feet).
- Allowable home-related itemized deductions claimed in full on Schedule A. (For example: Mortgage interest, real estate taxes).
- No home depreciation deduction or later recapture of depreciation for the years the simplified option is used.
- The deduction will calculate on the Simplified Home Office Worksheet in forms view in the 8829 folder.
- UltraTax CS will take into account if the home was only used for business for a portion of the year.
Simplified Option | Regular Method |
|---|---|
Deduction for home office use of a portion of a residence allowed only if that portion is exclusively used on a regular basis for business purposes | Same |
Allowable square footage of home use for business (not to exceed 300 square feet) | Percentage of home used for business |
Standard $5 per square foot used to determine home business deduction | Actual expenses determined and records maintained |
Home-related itemized deductions claimed in full on Schedule A | Home-related itemized deductions apportioned between Schedule A and business schedule (Sch. C or Sch. F) |
No depreciation deduction | Depreciation deduction for portion of home used for business |
No recapture of depreciation upon sale of home | Recapture of depreciation on gain upon sale of home |
Deduction cannot exceed gross income from business use of home less business expenses | Same |
Amount in excess of gross income limitation may not be carried over | Amount in excess of gross income limitation may be carried over |
Loss carryover from use of regular method in prior year may not be claimed | Loss carryover from use of regular method in prior year may be claimed if gross income test is met in current year |
Change of square footage used for business
Moved to a new home:
- If you moved into a new home, and there was not a previous home office, UltraTax CS will figure the simplified home office deduction based on the average square footage per month for the year. UltraTax CS will use the date acquired to determine what months to use to figure the simplified home office deduction. Review the Simplified Home Office Worksheet, in the 8829 folder, in Forms view to see the calculation.
- If a home was sold and the home office is no longer used, UltraTax will figure the simplified home office deduction based on the average square footage per month for the year. UltraTax will use the date sold to determine what months to use to figure the simplified home office deduction. Review the Simplified Home Office Worksheet, in the 8829 folder, in Forms view to see the calculation.
- If you have a home office and sold the home, then purchased a new home and set up a new home office with different square footage, see IRS Publication 587 for instructions on calculating the average monthly square footage. You will have to decide which home to use the Simplified home office deduction and which home you will use qualified business expenses on Form 8829. You cannot use the Simplified home office deduction on both homes.
Square footage changed in the same home:
- If the square footage used for business changed during the year, but you did not move to a new home, you will need to manually figure the average square footage per month for the home office and enter it in theArea used exclusively for business:field in the Home Office tab. See IRS Publication 587 for instructions on calculating the average monthly square footage.