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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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Thanks for allowing meto be of service to you. Please be aware that the information provided here isnot legal advice. Rather it is simply general information. All states have intricacies in their lawsand any information given is simply information only and specifically is notintended to be, nor does it constitute, legal advice. This communication doesnot establish an attorney-client relationship with you. I hope this answer has been helpful to you.
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.