If you rent the home you occupy and meet the requirements for business use of the home, you can deduct part of the rent you pay. To figure your deduction, multiply your rent payments by the percentage of your home used for business.
If you own your home, you cannot deduct the fair rental value of your home. See Depreciating Your Home in IRS Publication 587 Business Use of Your Home.
Where you deduct business use of home expenses depends on whether you are self-employed or an employee.
If you are an employee:
To enter information for employee business use of home expenses in TaxAct®:
If you are self-employed and file Schedule C (Form 1040):
To enter information for self-employed business use of home expenses in TaxAct:
Refer to IRS Publication 587 for additional information.