Do I need to get the business insurance for my home office and would it effect my principle residence exemption?
I am using the foyer of my house as an office for tax preparation (due to being handicap due to stroke and can not travel), with curtains to separate that area for privacy and separation from the rest of the house. My question is that do I need to get the business insurance? in the event if someone falls on the stairs or something. Would it effect my principle residence exemptions, if I do get the business insurance? I do claim about 3% of house expenses on my tax return.
I would really appreciate and thanking you in advance for your kind advice.