You and your partners may be doing a lot of work from home or even working from home primarily. Is the home-office deduction in the mix? If you operate your business as a partnership, you have two ways to correctly deduct your home-office expenses.
Home Office Tax Deduction for Your Rental Property Business
As you probably know, establishing a home office for your Schedule C or corporate business creates valuable tax deductions. But it’s not available only for your proprietorship, partnership, or corporate business. If you have rental properties, you can establish a home office to manage your rental properties and deduct the cost on your Schedule E. The first hurdle is that your rental activities have to qualify as a “trade or business” under the tax law.