Form 8829
May 20th, 2009
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Question: Can a renter claim Depreciation of Home as Business Expense?
On IRS form 8829, if I am a renter using a portion of my rental home for business, can I fill out part III of the form, claiming depreciation of the home for business, or must I skip over that part entirely?
Answer: If you do not own the property, you must not claim the depreciation. You are allowed to claim depreciation only for property that you own.
However, you can claim the rent on line 18.
On lines 9 (casualty losses), 10 (interest), 11 (real estate taxes), 16 (interest), 17 (insurance), 19 (repairs and maintenance), 20 (utilities), and 21 (other), deduct only what YOU paid. Do NOT deduct whatever was paid by the landlord or management company.
Home is where tax deduction is
Many people who received buyouts and severance packages last year used the money to start home-based businesses. Now, they'll want to take tax deductions for their home offices.
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