EA Exam Prep Part 2: Office in Home (Currently Unavailable)

Author: Eva Rosenberg

This is the fifth class of the EA Exam Prep Part 2 series. Wishing you could work in your fuzzy slippers and comfy jammies? Have a client who insists on using their home for work? This is the course for you! Join TaxMama® as she opens the doors to the details involved when someone has an office in their home. Discover the advantages, and disadvantages, of this type of setup. Learn the rules, requirements, and red flags for home offices. Have another business location? Find out if you can still take this deduction. Inspect every square inch of this area.

Publication Date: August 2019

Designed For
Tax practitioners of all levels, regardless of experience, who want to learn about income tax preparation and more. Excellent training for staff working in tax offices, accounting practices, and corporate settings, as well as independent bookkeepers. This course provides an in-depth look at home offices. It is especially helpful to those with no hands-on experience preparing tax returns – and those who are returning to tax preparation after years in corporate or other jobs. This course is also designed to help CPAs earn their Enrolled Agent credential so they can practice anywhere in the country without re-certifying.

Topics Covered

• Who is eligible for the deduction?
• Which entities are excluded from this deduction?
• Home office benefits
• Home office disadvantages
• Red flags for home offices
• Requirements to qualify for office in home deduction
• Rules for deducting home office expenses when you have another business location
• IRS Office in Home flow-chart
• Employees who work from home
• Business limits
• Simplified option for home office deduction
• Comparison between simplified option and regular method for home office deduction
• Renting office space to your own entity
• Three critical points to consider before claiming the deduction
• How mortgages relate to home offices
• Depreciation and home offices
• Considerations for daycare providers
• Form 8829
• Selling the home after taking home office deductions
• Recapture and capitalization
• Hobby loss rules

Learning Objectives

• Identify who is eligible for the deduction
• Recognize the pros and cons of the home office deduction
• Recognize the simplified method for home office deduction
• Identify how depreciation affects home offices
• Recognize the necessary steps to take when the home is sold
• Identify how to fill out Form 8829

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None