Larry Qualifies for a Home Office Deduction

question 17

Essay

Larry qualifies for a home office deduction. The amount of space devoted to the business is 400 square feet of the total 2,000 square feet in his house. Larry's total rent on the house is $7,000, and he pays utilities (other than telephone) of $4,500 for the year. Calculate Larry's deductions for home office expenses before the gross income limitation.
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Rent expense
Utilities
Total home office expenses

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Definitions:

Nursing Home

A residential facility offering long-term care for elderly or disabled individuals, providing medical, nursing, and personal care assistance.

Staff Development Educator

A professional who designs, implements, and oversees training programs to enhance the skills and knowledge of employees within an organization.

Master's Degree

An advanced academic degree awarded by universities or colleges upon completion of a course of study demonstrating mastery or a high-order overview of a specific field of study or area of professional practice.

Continuing Education

Ongoing learning activities professionals engage in to develop and enhance their skills and knowledge, often required for maintaining licensure or certification.