Renter using form 8829?

I rent and want to use form 8829 since I was a realtor and used a section of my house as my office. If x percent of area of my house was used, I am assuming that x % of my rent should be deductable (line 23) Up to now, I understand. Logically line 23 should be added to my costs but line 25 wants me to add my total rent and the x % of it together and ..... I got confused here. Can you help?

Yes, if x% of your home is used exclusively for your business, x% of your rent and utilities can be claimed as an indirect expense (column b on 8829). You can also (only if you own) claim x% of depreciation on the value of the home, but remember you need an assessment of the value of the house itself - it isn't the market value of the property, which includes the value of both the structure and the land.

Line 25 essentially tells you to add up the indirect expenses multiplied by the percentage of the house that is used for business purposes, plus the direct expenses (any money spent directly on that part of the home used for business) and any carry-over from the prior year's expenses.

If all this confuses you, I recommend getting your taxes done at least a few times by a professional who knows what they're doing. After that, if you are bothered by the fees, you can use their work and figure out how to fill it in yourself.

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