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SEC. 280A. DISALLOWANCE OF CERTAIN EXPENSES IN CONNECTION
WITH BUSINESS USE OF HOME, RENTAL OF VACATION
HOMES, ETC.
(a) General Rule.--Except as otherwise provided in this
section, in the case of a taxpayer who is an individual or
an S corporation, no deduction otherwise allowable under
this chapter shall be allowed with respect to the use of a
dwelling unit which is used by the taxpayer during the
taxable year as a residence.
* * * * *
(c) Exceptions for Certain Business or Rental Use;
Limitation on Deductions for Such Use.--
(1) Certain business use.--Subsection (a) shall
not apply to any item to the extent such item is
allocable to a portion of the dwelling unit which is
exclusively used on a regular basis--
(A) [as] the principal place of business for
any trade or business of the taxpayer,
* * * * *
(5) Limitation on deductions.--In the case of a
use described in paragraph (1) * * * the deductions
allowed under this chapter for the taxable year by
reason of being attributed to such use shall not exceed
the excess of--
(A) the gross income derived from such use
for the taxable year, over
(B) the sum of--
(i) the deductions allocable to such use
which are allowable under this chapter for
the taxable year whether or not such unit (or
portion thereof) was so used, and
(ii) the deductions allocable to the
trade or business (or rental activity) in
which such use occurs (but which are not
allocable to such use) for such taxable year.
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Last modified: May 25, 2011