I've got a question, I just started a home-based business, how much of my mortgage payment can be used as an expense for my business? And do I post the whole mortgage payment or just the portion to my business on Qbooks?
TIA
Simon
On Tue, 11 Oct 2005 02:39:42 GMT, in alt.accounting "Simon Bishop" wrote in :
Basic answer is none.
You may be able to depreciate a certain part of your house if that area is used exclusively for business purposes.
"Simon Bishop" wrote
None of your mortgage payment (the loan portion) is deductible. However, under the home office rules (See Publication 334) you may be able to deduct a prorated share of your mortgage interest, property tax, insurance, utilities, repairs - and depreciation, which covers the office % of the home.
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