I use a personally owned residence as an office for my self-employed business. Can I claim depreciation expense on by business income i.e as a self-employed business deduction on that part of my home?
Prashant Thakur Changed status to publish November 26, 2022
The answer is yes. For SOHO i.e. if part of your owned residence is used for carrying out your business, you can claim depreciation on that part of your house over 39 years (31.5 years if you began using it for business before May 13, 1993). Here is our depreciation calculator for home office real estate.
Click to read more on principle of depreciation accounting .
Prashant Thakur Changed status to publish November 26, 2022
