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Use of home office
Submitted by kdw on March 25, 2008 - 1:51pm.
If I claim a portion of my home for business use, am I REQUIRED to deduct mortgage interest and real estate taxes for that portion of my house?
The reason I ask is if I claim that portion of the mortgage interest and real estate taxes toward my home office, I end up with a large amount of operating expenses to carryover to the next year, and it decreases my regular deductions enough that I'm only able to take the standard deduction instead of my itemized deductions.
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Re: Use of home office
March 25, 2008 - 7:08pm
Business Use of Your Home This should answer your questions.
Lynn
If I was standing on a fish, I'd slip and fall......
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Re: Use of home office
March 25, 2008 - 6:35pm
TurboTax! i normally refer folks to the irs.gov site, however, i forgot about how easy turbotax is. if you have it and are using it correctly, your question will be answered. there are many things to consider when claiming home office use (ie: space sq. ft., utilities, your business or working for someone else out of your home, etc.).
our GUG family tax goddess, LynnH, will surely provide her input when she is back on.
Tuna ><((((*> the other white meat!
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