Can I Include My Shed In Space Percentage?

[melilley]

Can I include my shed in my space percent if I store dc toys in it?

[daycare]

that is a great question I have one too that I store toys in

[MarinaVanessa]

This is a great question for Tom Copeland to answer but from what I can recollect, you can't claim that space in your time/space %. I believe that the structure must be a part of your home (and possibly attached?). For example your garage can be included in this %. Not sure what you can do if a garage was detached though. Never really thought about this.

[melilley]

This is a great question for Tom Copeland to answer but from what I can recollect, you can't claim that space in your time/space %. I believe that the structure must be a part of your home (and possibly attached?). For example your garage can be included in this %. Not sure what you can do if a garage was detached though. Never really thought about this.

That is what I thought, but wasn't 100% and it's not mentioned as something to include in the record keeping guide either.

[TomCopeland]

Shed

Can I include my shed in my space percent if I store dc toys in it?

I wouldn't because it's not attached to the structure of the home. The garage should be counted since it's specifically identified in IRS publications.

If you did count the shed you would have to pay taxes on the profit associated with selling your shed when your home was sold. It's too much of a pain in the neck to do this.

So, don't count the space. You can deduct the business portion of the cost of the shed.

[melilley]

Thanks again Tom!