Ask Terry Questions tax deduction

tax deduction

By Terry Savage on February 04, 2025 | Wild Card

I am considered a self employed contractor where I work part time. I work for an LLC, an Amish owned salvage store. In trying to help the owners, I stored merchandise in my house for them which consisted of taking up approximately a small room for about six months. Is it possible for me to claim “space” as a deduction on my income taxes? Not sure how to calculate but I know renting storage space usually cost people about $100 a month. I appreciate any advice you may have. Thanks.

Terry Says

That’s raising a red flag for an IRS audit! I don’t think the potential $600 deduction — yielding a potential tax savings of maybe $200 — would be worth it in case that happens!

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