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Tafkam Hokie

Joined: 10/07/1999 Posts: 35179
Likes: 13640

What's this?

Couple other notes from my experience


Qualifier - this was about ten years ago, so rules may have changed.

If your home office is absolutely, positively, 100% used for business and nothing else...like, literally, you don't set foot in that room unless you are working, then the deduction might be worth it. But if you use that same office to browse TSL, look up how to fix something around the house, compile your monthly household budget, manage investments, etc, then the HOD is a hot mess.

Another complication is I believe the HOD is technically depreciation and can come back to bite you when you sell the house. Capital gains on your primary residence are typically tax-free. But capital gains on depreciated business property is not.

(In response to this post by vt90)

Posted: 02/08/2021 at 11:34AM


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Current Thread:
 
  Armchair CPAs, if you worked from home for 10 months last year, is there a -- Brown Water 02/08/2021 10:46AM
  Not for employees. There is also a simplified method of $5 per square foot -- Hokiehouse7 02/08/2021 12:02PM
  I think you must own the business ** -- Tailgate Guru 02/08/2021 11:46AM
  I don't think that is the case. I'm not an expert by any means, but I do -- Hokie360 02/08/2021 11:58AM
  Tax reform shut that down. ** -- Hokiehouse7 02/08/2021 12:00PM
  Main expense will be depreciation for part of home in home office ded. ** -- lchoro 02/08/2021 11:08AM
  It's not worth it normally -- bigbadbird 02/08/2021 11:36AM
  You have the 500,000 capital gains exclusion ** -- lchoro 02/08/2021 11:40AM
  But that's for your primary personal residence -- Tafkam Hokie 02/08/2021 11:49AM
  He's on a roll ** -- bigbadbird 02/08/2021 12:54PM
  Use simplified method to avoid this. ** -- Hokiehouse7 02/08/2021 12:06PM
  That doesn't ring a bell -- Tafkam Hokie 02/08/2021 12:13PM
  2013 I believe. Saves some headaches. ** -- Hokiehouse7 02/08/2021 12:20PM
  Yeah, it was probably 2007ish when I was dissecting that part -- Tafkam Hokie 02/08/2021 12:22PM
  The home office deduction? -- RoswellGAHokie 02/08/2021 11:04AM
  PRon subscriptions ** -- bigbadbird 02/08/2021 10:58AM
  My employer gave us a "COVID reimbursement". Came as a separate deposit. -- Hokie360 02/08/2021 10:51AM
  Yes, I think you should be able to take the home office deduction... -- MP4VT2004 02/08/2021 10:49AM

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