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What is the regular and simplied method

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John maintains an office in home that comprises 9% (400 square feet) of total floor space. Gross income for his business is $58,000 and his expenses are as follows:

Real estate taxes - $4,500
Mortgage interest - $7,900
Operating expenses - $5,200
Depreciation - $1,200

Problem 1: What is his office in home deduction based on the regular and simplified method?

Problem 2: what is the regular and simplied method? What are some of the differences between each of these methods and when would you know which one to use?

Reference no: EM132721453

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