Self-Employed: Apartment Rental Deduction?
Here is my situation: My primary residence (house I own) is in OH and I have agreed to a free-lance software consulting project (reported as 1099 income) in NJ that will last 10 months. I have decided to rent an apartment in NJ for this period of time as opposed to living in a hotel as it will lower my expenses. My expenses while staying in NJ are NOT reimbursed by the Client I am working for, instead I increased my hourly rate I charge and am responsible for all expenses myself (meals, airfare, hotel or aparment, taxis, etc.). Thus, I assume I should be able to deduct the apartment rental on Schedule C.
Is this an accurate assumption?
If for instance I rent an apartment for $1000/month for 10 months in 2005, am I able to deduct the entire $10,000? I plan on flying back to OH every other weekend, not sure if this changes the amount I can deduct.
Any help or tips or comments or much appreciated.
Cheers
Comments(0)