Discussion:Business Use of Second Home

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Revision as of 18:40, 13 June 2008

Discussion Forum Index --> Tax Questions --> Business Use of Second Home

OR Taxman (talk|edits) said:

13 June 2008
Financial advisor, who is a sole proprietor, has a regular business office in one state, and also has numerous clients in another nearby state and travels there regularly to meet with clients. He would like to purchase 2-bdrm condo in second state to use one bedroom as office and other as place to stay when traveling there. Assuming he would meet the "place to regularly meet clients" test versus the "principal place of business test," and if he meets the exclusive use test for an office in this second home, would the similar expenses for business use of home qualify as deductions for this second residence and be calculated on Form 8829? Or would there be a different way to take Sch C deductions for this, e.g. - deduct on Sch C rent paid to self that would then be claimed on same taxpayer's Sch E, expenses subject to Sec 280A limitations, etc?
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