06-05-2008, 01:47 PM
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$ Saving Assistant Professor
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Join Date: Feb 2007
Location: Milford, OH
Posts: 3,848
Points: 19898.63
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Quote:
Originally Posted by sweeps
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can anyone decipher this portion of the pdf for me?
Gross income from business . . . . . . . . . . . . . . . . . . . . . $6,000
and real estate taxes (20%) . . . . . . . . . . . . . . . . . . . . 3,000
Business expenses not related to the use of your home (100%)
(business phone, supplies, and depreciation on equipment) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,000
Deduction limit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,000
Minus other expenses allocable to business use of home:
Maintenance, insurance, and utilities (20%) . . . . . . . . . . 800
Depreciation allowed (20% = $1,600 allowable, but
subject to balance of deduction limit) . . . . . . . . . . . . . . 200
Other expenses up to the deduction limit . . . . . . . . . . . . . $1,000
Depreciation carryover to 2008 ($1,600 − $200) (subject to deduction limit in 2008) . . . . . . . . . . . . . . . . . . . . . . . $1,400
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