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8829 Form: What You Should Know

IRS Form 8829: Expenses for Business Use of Your Home — Additional Instructions Sep 1, 2024 — If you are a business owner, fill out Form 8829 and attach it to your federal tax return. If you are a self-employed taxpayer and want to calculate the home's business part, you must file Schedule C (Form 1040) so that the following amounts are added to the balance line of your federal tax return: You are the owner of your own business, and it receives more than 50% of its gross revenues that you own from property used in your home. You can use Form 8829 to calculate a business part of your home's home  or to report the amount of depreciation, interest or other taxable property expenses, including the basis on such property.  You use a home that you are renting, or you intend to rent. You file your tax return on a calendar year. Form 8829 is based on the income from property you own or control. Form 8829, Expenses for Business Use of Your Home, is used by a business owner who meets all the following  requirements, including that the individual maintains a home office in their residence for purpose of conducting business in addition to maintaining the individual's principal residence.  See the instructions for Schedule C (Form 1040), and the chart on page 9. The business property is located in a residence in which: The property in a home office is your principal residence and not a vacation home. You are a nonresident alien who resides in the United States and you intend, for example, to continue to conduct business in the United States despite the prohibition against doing so by section 937 of title 26.  Your home office is not part of your principal residence.  The home office is subject to tax by you, unless you elect not to take one of several options, which are described in the instructions for Schedule C (Form 1040). Such option is available only if the business property resides in a residence in which you are a tax resident for tax purposes.

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