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    0 Replies Latest reply on Apr 7, 2009 8:49 PM by skuuuter

    Sole Proprietor Tax Deduction of Garage Space

    skuuuter Newbie

      I've read where one can deduct the use of an amount of designated area in one's home for business. The formula is based on the ratio of the designated work area to the total amount of home area. A 200 square foot home office in a 2000 square foot home results in a ratio of 10% on which deductions of various home expenses are taken.

      My question has to do with garage space. I store equipment for my business in my garage. I would estimate that I use 3/4 of my 2-car garage for business purposes. I store business vehicles on my property as well.

      Is there a deduction in this case?

      Any help is appreciated.

      Scott in IL