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Office expense - is 33% of the rent the maximum allowed to deduct as business expense or are there exceptions?
I'm using a room in the apartment where I live and pay rent, as a business office. is it true I can only deduct up to 33% of the rent as business expense? Or: if I also use the living room for meetings etc. can I actually deduct more (i.e. 50% of the rent) as business expense? My location is Ontario, Canada.
THANKS.
I know that if youre claiming a home
office deduction, one of the questions is
square footage of whole house and the
other square footage of office and then
the calculations are based on that, and
because the meetings held in living room
are occassional
the percentage of use would be very
low and it wouldnt count. Try to maximize
up to a 100% on the use of your office/
all your deductions/expenses made.
You can claim that percentage of rent
depending on the size of the office
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