New Mexico Form 8829 2024-2025

New Mexico Form 8829: What You Should Know

Taxable Business Use of Your Home may be your primary place of business. If you use a home to: • Pay expenses for your business; • Keep records of the business; • Research, plan, prepare, audit or evaluate your business; • Serve as the center for the conduct of your business; • Communicate with employees, customers, and other members of your group; • Enter into business relationships with customers, suppliers, and other third parties; • Develop and implement business programs; • Develop, plan, advertise, market, or execute investment and financing plans; • Conduct surveys or analyses to determine business prospects or trends; • Develop, establish or execute plans for a new venture, a merger or transfer of assets, or for the sale or lease of any portion of your company ; • Enter into an assignment or sale contract that is related to the conduct of your business in your home; • Perform services necessary to your daily business activity; • Conduct research or reviews on the business for the purpose of promoting or protecting your company; • Perform services such as inventory clearing for the purpose of maintaining inventory levels; or • Sell or lease any of your property and/or property that is part of your business enterprise. If you use a home office to perform business activities in more than one home in the same establishment, it cannot be the only place of business. Examples: • You own a building, part of which houses the offices of another business, and you use both your home and the other building (one set of offices) for your business. You have used the other set of offices for more than 50% of your business activities. You have a home office because it is a primary place for your business. • In some situations, such as an owner-operator, a primary place of business can be defined as a private office in a building that is a home or a rental space. In many other situations, such as for other property, a home office is a separate place of business. Example: A primary place of business is defined as an office or other workplace on a building or property that is owned or leased by you or on which your name is placed. It is the place where you meet and consult at or with your employees, and it is your main place of business. Your home office is defined as a separate business office on a different private building or on the land where you live or are otherwise located and on which you perform your domestic or business activities.

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