Im about to move into a loft that I will be using as a studio for my music business. How much of it can I write off and how?

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Originally Posted by sthubertf

Im about to move into a loft that i will be using as a studio for my music business. How much of it can I write off and how?

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Write all of and think how.then u will know y and u will get it.

If this is where you are living, it will work just the same as any home office or business, you can only deduct the area that is dedicated to just business, and then use that percent of the space for your percentage of untilities and other costs.

You can't for example use the kitchen table for the desk, and store your supplies in the bedroom closet, there will have to be specific area, room for nothing but business usage.

Fr Chuck has it right.

The Home Office deduction is a major audit flag on tax returns.

There are very specific rules about the home office that must be obeyed to the letter, or the home office deduction WILL be disallowed.