Home or office?

[Brian K. Smith]

Originally Posted by ldapkus

My neighbor has a friend that owns a large construction company that is run from a home office. They got a visit from the IRS which found personal stuff in the home office and they had to pay thousands in penalties. I have absolutely no personal belongings in my office and have a CPA do my taxes quarterly. She hasn't seen any issues with my arrangement.

they do come by! they where at my house a few weeks back....bunch of well the mb wont let me say those words here....just to show you they do look at these things. good thing my home office is just that!

[ldapkus]

Originally Posted by bsmith2

they do come by! they where at my house a few weeks back....bunch of well the mb wont let me say those words here....just to show you they do look at these things. good thing my home office is just that!

Yup, When I heard they can come knocking, we got all the personal belongings out of the office.

[Bob Elliott]

Originally Posted by ldapkus

Yup, When I heard they can come knocking, we got all the personal belongings out of the office.

Exactly what dates ?and speak up please.

[Curtis Hildebrand]

For now I have my office at home. In the next year or so I would like to hire another inspector and rent a small office space. A huge sign on a busy street in front of an office with a pretty secretary would be good advertising.

[Keith Runquist, CMI]

Outside office. Two girls answering phones. They do all the office stuff like mail, scheduling, etc. My wife and I are both inspectors along with a third guy-non family. No time for the mundane office stuff.

[Michael Roberson]

I have a Home Office as well. I use approx 11% of my house for my business, And because of that I can write off 11% of all my housing costs. My wife and I share the office, Half for her business and half for mine. Her business had the best year ever in '09.

[kluce]

Originally Posted by ejones2

Do you guys run your business out of a home office or a regular office?

Regular office

[Larry D. Kage]

Originally Posted by mroberson

I have a Home Office as well. I use approx 11% of my house for my business, And because of that I can write off 11% of all my housing costs. My wife and I share the office, Half for her business and half for mine. Her business had the best year ever in '09.

Regardless of the home sale deduction available, will you pay taxes on the 11% of the sale income when you sell your home?

Just a thought...