1. Measure the space you intend to use for your home office. Determine the percentage of this compared to the total square foot.
2. Your home office deduction is limited based on the amount of space you use to conduct business.
3. Make sure you use the space regularly and exclusvely for your business
4. Certain home office related expenses will be limited if you incurred a loss in your business for the year.
5. Different rules and deductions apply for self-employed and employees.
source: http://www.irs.gov/newsroom/article/0,,id=172239,00.html
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