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2017 IRS Personal versus Business Expenses

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Personal versus Business Expenses

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2017 - Publication 535

Generally, you cannot deduct personal, living, or family expenses. However, if you have an expense for something that is used partly for business and partly for personal purposes, divide the total cost between the business and personal parts. You can deduct the business part.

For example, if you borrow money and use 70% of it for business and the other 30% for a family vacation, you generally can deduct 70% of the interest as a business expense. The remaining 30% is personal interest and generally is not deductible. 

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Consult your tax professional to see if this fits your circumstances. This is not to be taken as tax advice.  

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