08-30-2003, 06:19 AM
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 Re: Using a second house for a business office wilcoxclan wrote: - quote - > Currently I have a small business (sole proprietorship) that
Yes you can. The only problem I see is if you have a large> I run out of my home. I don't deduct any interest, > utilities etc because I don't use my home office soley for > business (as the IRS requires). I am buying a new home this > month that my family and I will be moving into. If I use my > existing house (after I move into the new house) as a home > office, can I then claim mortgage interest, utilities, taxes > etc.. as business expenses? unrealized gain on the old house and you do not sell it within the required time frame you may make it potentially taxable in the future, you have now made it a business asset. -- Frederick E. Jorden http://Tax-Accounting-Payroll.com 7825 Midlothian Tpk - 207 Richmond, VA 23235-5247 EMAIL knowtax[at]bigfoot.com (804) 320-6210 FAX (804) 320-6211 << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
08-29-2003, 05:41 AM
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| Using a second house for a business office Currently I have a small business (sole proprietorship) that I run out of my home. I don't deduct any interest, utilities etc because I don't use my home office soley for business (as the IRS requires). I am buying a new home this month that my family and I will be moving into. If I use my existing house (after I move into the new house) as a home office, can I then claim mortgage interest, utilities, taxes etc.. as business expenses? << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| business, house, office |
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