If a home is depreciated as part of the home office tax deduction and the entrepreneur sells the home
A) a capital gains tax may be due.
B) no tax deduction can be taken for a home office in the next home that is purchased.
C) the home-office tax deduction may not be taken for the next five years.
D) the IRS will automatically audit the business.
Correct Answer:
Verified
Q45: Which of the following might restrict home-based
Q46: Before beginning a home-based business entrepreneurs should
Q47: Home-based businesses
A) have special insurance needs.
B) may
Q48: Insurance for a home-based business
A) is automatically
Q49: A recent survey found many home-based entrepreneurs
A)
Q50: Prior to the Taxpayer Relief Act of
Q51: According to the U.S. Small Business Administration,
Q52: If an entrepreneur uses a home office
Q53: Because of the Taxpayer Relief Act entrepreneurs
A)
Q55: The home office tax deduction is advantageous
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