- 3 - artist, and petitioner Natalie Marselly was employed as a social worker. Throughout the years in issue, petitioners resided in the same apartment, which they rented. A portion of petitioners’ apartment was used by petitioner Michael H. Visin for business purposes. In 1998, petitioner Michael H. Visin spent $3,450 for computer equipment and software for use in his business. The computer equipment and software were placed in service upon purchase. Petitioners filed a Form 1040, U.S. Individual Income Tax Return, for each of the years in issue. Petitioners attached to each of those returns a Schedule C, Profit or Loss From Business, for petitioner Michael H. Visin’s sole proprietorship. Among the deductions claimed on each Schedule C was a deduction for petitioner Michael H. Visin’s use of petitioners’ apartment for business purposes. In support of this deduction, petitioners attached to each of their returns a Form 8829, Expenses for Business Use of Your Home. Petitioners’ Schedule C for 1997 included the following entries: Gross income $5,399.00 Less: expenses (excluding rent) -4,392.40 1,006.60 Less: rent -10,305.27 Net loss ( 9,298.67)Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 Next
Last modified: May 25, 2011