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Good afternoon. The tax benefits are basically the same on the deduction side; on the revenue side, you obviously will now not have the rental income. You will now report the deductions on Schedule C rather than Schedule E, but the result is pretty much the same. You will continue to get to depreciate the portion of the house attributable to home office and get the same deductions related to that percentage of the home being used for your home office...taxes, utilities, insurance, mortgage interest, repairs, etc.
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You're welcome. You must use the office regularly use part of your home exclusively for conducting business. So, if you use 30% of it for business, you could take 30% of the percentage for home office. But, if you only use the office as a whole 30% of the time, you would not be able to take a home office deduction for the office because it would not be used exclusively for business.