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Gail is a self-employed travel agent who uses 15% of her rented home regularly and exclusively as her business office. For the current year, her
Gail is a self-employed travel agent who uses 15% of her rented home regularly and exclusively as her business office. For the current year, her Schedule C net income before any home office deduction is $4,000. Total rent paid on her home for the year is $24,000. Utilities for the year total $5,000 and renter s insurance for the home is $600. What is Gail's home office deduction for the current year?
$2,960 | ||
$3,600 | ||
$4,000 | ||
$4,350 | ||
$4,440 |
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