Taxpayers Using the Simplified Method for Computing Home Office Expenses

question 96

True/False

Taxpayers using the simplified method for computing home office expenses do not deduct depreciation expense attributable to the home office use.

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Definitions:

Restatement

A rephrasing or recompilation of legal principles in a specific area aiming to simplify and clarify the law without having binding authority.

Consideration

Something of value that is exchanged between parties entering into a contract, making the agreement legally binding.

Legal Sufficiency

The condition of an agreement or document meeting all required legal standards and formalities to be recognized as valid and enforceable in a court of law.

Adequacy

The quality or state of being sufficient for a particular purpose or in fulfilling requirements.