Home Based Business Definition

home based business definition
What is a direct or indirect expense as defined by the IRS?

I'm sitting here working on my taxes and the IRS wants me to define direct and indirect expenses as related to mortgage interest and my home based business. The problem is that I can't find the definitions anywhere.
This is found on Form 8829 "Expenses for Business Use of Your Home" line 10 "Deductible mortgage interest".

Thanks in advance!

http://www.irs.gov/pub/irs-pdf/i8829.pdf

Look under the heading on the second page called Columns (a) and (b).

Direct expenses are specific expenses related to your office like repairs.

Indirect expenses are paid to maintain the entire house like mortgage interest, property taxes, insurance, general repairs to the home like replacing a water heater or fixing a leaky toilet.

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This entry was posted by Harrison on May 31, 2009 at 7:56 pm, and is filed under Home Based Business. Follow any responses to this post through RSS 2.0. You can leave a response or trackback from your own site.

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