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Old 12-13-2007, 05:34 PM
joetaxpayer
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Default Re: Can I deduct home(office) purchase as business person AND privateperson?



Seth wrote:

- quote -

> > Can I deduct also private home expenses as fixing my plumbing?
> Is the plumbing in the office?


I read p587 to suggest otherwise. Insurance, utilities, and general
repairs are deductible based on the percentage of the home used for
business.
(my thought) Fixing the shower, not deductible. General plumbing repair
should be.
Example of not deductible at all is Lawn care and painting any
non-business room. The pub is pretty complete in its explanation.
JOE

  #2  
Old 12-13-2007, 05:14 PM
Seth
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Default Re: Can I deduct home(office) purchase as business person AND privateperson?

In article <202d166b-e197-4159-b164-c3a2d0af2e3f[at]l1g2000hsa.googlegroups.com> ,
<Kerstin.Julio[at]gmail.com> wrote:
- quote -

> I work from home and its my only income. Have an office in my home. I
> use schedule C to deduct, correct?
> How about private expenses? Have no mortgage as I paid the house in
> cash. Can I depreciate the expenses over 7 years or so?


You can depreciate the office part of the structure over a lot more
than 7 years.

- quote -

> Can I deduct also private home expenses as fixing my plumbing?

Is the plumbing in the office?

- quote -

> When one works in an office outside his home, he has to use the
> bathroom and the kitchen sometimes, as nobody can avoid it. These
> costs (bathroom repair, kitchen, water, coffee) can be written off as
> business expenses.


Coffee is a personal expense. A company providing it for employees is
different.

- quote -

> When I work inside my home, conducting my business, I also have to go
> to the bathroom and sometimes brew myself a cup of Joe to not fall
> asleep while working. I should be able to write something off here to?


The tax law isn't based on "should be".

- quote -

> Final question: if I would have no office, can a home purchase bring
> tax relief?


Real estate taxes are deductible. So is mortgage interest.

Seth

  #1  
Old 12-13-2007, 03:30 PM
Mark Bole
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Default Re: Can I deduct home(office) purchase as business person AND privateperson?

Kerstin.Julio[at]gmail.com wrote:
- quote -

> I work from home and its my only income. Have an office in my home. I
> use schedule C to deduct, correct?
> How about private expenses? Have no mortgage as I paid the house in
> cash. Can I depreciate the expenses over 7 years or so?
> Can I deduct also private home expenses as fixing my plumbing?
> Just an example of what I mean:
> When one works in an office outside his home, he has to use the
> bathroom and the kitchen sometimes, as nobody can avoid it. These
> costs (bathroom repair, kitchen, water, coffee) can be written off as
> business expenses.
> When I work inside my home, conducting my business, I also have to go
> to the bathroom and sometimes brew myself a cup of Joe to not fall
> asleep while working. I should be able to write something off here to?


As with many areas of individual income tax, when there is high
potential for mingling personal non-deductible expenses with business
expenses, extra rules and record-keeping requirements are in place to
help prevent abuse. Your office-in-home is subject to those rules.

If you maintain a separate, dedicated business location that you rent or
own, then the situation is less susceptible to abuse and the rules
more simple.

-Mark Bole

 
Old 12-12-2007, 09:46 PM
joetaxpayer
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Posts: n/a
Default Re: Can I deduct home(office) purchase as business person AND privateperson?



Kerstin.Julio[at]gmail.com wrote:

- quote -

> I work from home and its my only income. Have an office in my home. I
> use schedule C to deduct, correct?
> How about private expenses? Have no mortgage as I paid the house in
> cash. Can I depreciate the expenses over 7 years or so?
> Can I deduct also private home expenses as fixing my plumbing?
> Just an example of what I mean:
> When one works in an office outside his home, he has to use the
> bathroom and the kitchen sometimes, as nobody can avoid it. These
> costs (bathroom repair, kitchen, water, coffee) can be written off as
> business expenses.
> When I work inside my home, conducting my business, I also have to go
> to the bathroom and sometimes brew myself a cup of Joe to not fall
> asleep while working. I should be able to write something off here to?
> Final question: if I would have no office, can a home purchase bring
> tax relief? And if yes, which schedule should be used? Or can I deduct
> both kid of expenses: home purchase and repair and business expenses?
> Thanks in advance for any advice that you can throw in my direction.


See Publication 587
http://www.irs.gov/pub/irs-pdf/p587.pdf
for complete home office details.

If not used for a home office, the property tax and mortgage interest
are schedule A (itemized deductions).
JOE

  #-1  
Old 12-12-2007, 09:22 PM
Kerstin.Julio@gmail.com
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Posts: n/a
Default Can I deduct home(office) purchase as business person AND privateperson?

I work from home and its my only income. Have an office in my home. I
use schedule C to deduct, correct?

How about private expenses? Have no mortgage as I paid the house in
cash. Can I depreciate the expenses over 7 years or so?

Can I deduct also private home expenses as fixing my plumbing?

Just an example of what I mean:

When one works in an office outside his home, he has to use the
bathroom and the kitchen sometimes, as nobody can avoid it. These
costs (bathroom repair, kitchen, water, coffee) can be written off as
business expenses.

When I work inside my home, conducting my business, I also have to go
to the bathroom and sometimes brew myself a cup of Joe to not fall
asleep while working. I should be able to write something off here to?

Final question: if I would have no office, can a home purchase bring
tax relief? And if yes, which schedule should be used? Or can I deduct
both kid of expenses: home purchase and repair and business expenses?

Thanks in advance for any advice that you can throw in my direction.

 

Tags
business, deduct, homeoffice, person, privateperson, purchase
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