Jon_Are
Senior HTF Member
- Joined
- Jun 25, 2001
- Messages
- 2,036
Hi,
I started a home-based business in 2004. I have a dedicated office space, but did not generate any income in '04.
From what I read, the home office deduction cannot be used if the business had no income. Is this true?
(I know that various start-up expenses are allowed - I'm asking specifically about the Home Office Deduction, in which you deduct a portion of the home's gas, electricity, etc. based on the square footage of the office in relation to that of the home)
Thanks,
Jon
I started a home-based business in 2004. I have a dedicated office space, but did not generate any income in '04.
From what I read, the home office deduction cannot be used if the business had no income. Is this true?
(I know that various start-up expenses are allowed - I'm asking specifically about the Home Office Deduction, in which you deduct a portion of the home's gas, electricity, etc. based on the square footage of the office in relation to that of the home)
Thanks,
Jon