Question
Here is my situation.I currently own a heating and cooling business here in Indianapolis.I'm thinking about opening one in Sarasota, Florida.My plan is to work
Here is my situation.I currently own a heating and cooling business here in Indianapolis.I'm thinking about opening one in Sarasota, Florida.My plan is to work in both places.My wife and I currently rent a condominium here in Indy and we plan on renting one in Sarasota.I rent a small office for my Indianapolis location.However, I will initially run the Sarasota business from the condo.I'm not sure I would call it an "office" though.I have a good handle on the regular business expenses.I really just need help with travel expenses (hotel and meals) and duplicate personal expenses. I will incur (rent, utilities, renter's insurance) as a result of running the business in two locations. I have planning to appoint employees for my business in Sarasota.
Of course, I would be in Florida when the weather is bad here.We will live in each location for 6 months. We will be in Sarasota from October through March and in Indianapolis from April through September.We will not sublet either condo.
question: What will I be able to write off if I live and work in both places?I would like to deduct all of the costs (rent, transportation to and from, meals, etc.).
What are the issues in this problem?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started