Home Office tax deduction

Home office Tax deduction  The definition of home office was liberalized beginning in l999. Now if you keep records, schedule appointments and carry on other such activities from your home office, some common ome office expenses, such as utilities, insurance, repairs, cleaning and depreciation, may qualify for a deduction, even if you do the actual work in another location. Be aware, however, any depreciation claimed after May 6, l997, will be taxed at 25% if the residence is sold for a gain, whether or not the property has been converted to personal use.

To see the rest of this article, please login or register.