Ending a home based business - what are the tax implications?
Q. I've been writing off my home based business for the last few years. If I stop using that portion of my home solely for my business, how do I indicate that on my taxes? Additionally, does anyone know of any resources that indicate what the implications are of stopping a home based business write-off? I see lots of information on how/what to write-off for a home based business, but can't seem to find anything on what to do when that ends.
Asked by Eric M - Fri Mar 21 00:33:34 2008 - - 3 Answers - 0 Comments

A. You don't show on your tax that you ended the business, but keep track of the depreciation allowed or allowable while you were claiming the home office deduction - you'll need that number when you sell the house.
Answered by Judy - Fri Mar 21 00:45:27 2008

Why water based lubricant instead of oil based when pregnant?
Q. We use water based but it dries out fast so is it ok to use oil based lub and if not why is that? Thanks!
Asked by A.C. - Mon Oct 12 23:56:13 2009 - - 2 Answers - 0 Comments

A. I was told that anything that is "safe" to use during sex before pregnancy is safe now. I asked because we use baby oil on occasion, and my Dr said it was fine.
Answered by Her - Tue Oct 13 00:03:54 2009

Can i take deductions for a home based business beyond the revenue i brought in?
Q. I under withheld in my regular full time job and owe alot in taxes...i have a part time home based business that i spent alot more on than i made, can i use deductions to offset the revenue as well as lower my gross income from my regular job? I read u can only use the deductions up to whatever the revenue was for the home based business?
Asked by mwright555 - Fri Feb 15 17:34:21 2008 - - 3 Answers - 0 Comments

A. Yes. But you have to have detailed records. If something is shared with the household, like phone, or internet service, or computer, Keep detailed logs. Same for personal car used for business. Get the IRS publication on in home office. Space designated for office should be a room of its own. deducat rent, heat, elect based on the ratio of Sq feet in office to sq feet in house. Anything bought for making money and used in the office is deductible: stamps, paper, toner (if not shared), chairs, shipping material, cost of business checking, safe, all telephone exculsive to business. Professional magazines keep in office. Pro rate property tax or rent.
Answered by northridgeville - Fri Feb 15 17:55:37 2008