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Starting Your Business/Keeping Records Rent is any amount you pay for the use of property that you do notown. In general, you can deduct rent as an expense only if the rent is for property thatyou use in your trade or business. If you have or will receive equity in or title to theproperty, the rent is not deductible. Your business expenses for heat, lights, power, and telephone aredeductible. However, any part due to personal use is not deductible.
Important References: Publication 535 Business Expenses |