Form 8829 IN 2024-2025

Form 8829 IN: What You Should Know

For a married couple, two persons must share a home office. Use Form 8829 to figure the allowable expenses for home office use under Section 162 of the Internal Revenue Code, which deals with the use of your home, to claim a deduction. You may not receive a loss or a deduction unless your home office expenses are actually deducted by the business, a person acting as your agent or your employer, or even more than you actually paid. What is Your Home and Business Expenses, and Why are Your Expenses Deductible?: Your home office expenses are a part of your overall expenses for your home. They include the cost of utilities, repairs and renovations, furnishings, repairs and maintenance. Your home office expenses may be subject to the new Affordable Care Act (Obamacare) penalties. The penalty for not having sufficient health insurance coverage starts at 695 per individual and 347 per family for individuals who fail to provide coverage in 2025 or 2017, and increases by up to 20% each year. This means that for an individual, or family of 4, the penalty for not having adequate health coverage could be as much as 12,400, or 24,700 for a family of 5. For Individuals If you want to claim a deduction for your home office expenses, you first use Schedule C to figure the portion of your home office use that is related to running your business.  If the percentage of business use is greater than 25%, you must itemize your deductions, and add your business expenses to your personal deductions: The total is the amount of business expenses plus the amount of your personal home office expenses. If this amount total is more than 11,500 (17,500 if your total income is less than 75,000 for 2016), a section 162 deduction cannot be claimed for the full amount. If the percentage of business use is less than or equal to 25%, you may be able to deduct the percentage of home office use by using IRS Form 8829 — Expenses for Business Use of Your Home.

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