Tax pros - about home office deduction.

TNDemo

(1000+ posts) Send PM | Profile | Ignore

Mon Feb-28-05 12:55 PM
Original message

Tax pros - about home office deduction.

I work at home and always take the home office deduction. I moved in this past October to a new house. Do I file two different forms for the two different houses? Someone told me there is some extra stuff I have to do because of moving but I have not researched that yet. Would appreciate any knowledge you want to pass my way!

Printer Friendly | Permalink | | Top

Technowitch

(1000+ posts) Send PM | Profile | Ignore

Mon Feb-28-05 01:00 PM
Response to Original message

1. Extra forms? Not that I'm aware of.

As far as I know, it's enough simply to have all the receipts and records, and combine the figures for each category.

Printer Friendly | Permalink | | Top

Cary

(1000+ posts) Send PM | Profile | Ignore

Mon Feb-28-05 01:07 PM
Response to Original message

2. Your problem is with your exemption on capital gains.

To the extent you realized gain on your old home, in proportion to your home office deduction, you will have to pay taxes on it.

This is my greatest argument against taking the home office office deduction in the first place.

Printer Friendly | Permalink | | Top

underpants

(1000+ posts) Send PM | Profile | Ignore

Mon Feb-28-05 01:08 PM
Response to Original message

3. Form 8829 Instructions

I quickly read through it but didn't see anything about moving.

http://www.irs.gov/pub/irs-pdf/i8829.pdf

Printer Friendly | Permalink | | Top

TNDemo

(1000+ posts) Send PM | Profile | Ignore

Mon Feb-28-05 01:27 PM
Response to Original message

4. I think I may clear the capital gains thing

since I lived there more than the required amount of time and did not (even close) make more than a half million on the sale. What I was mainly wondering about was the bottom of the form (8829, I think) where you figure a percentage based on the the square footage of the office vs. the rest of the house and put down the value of the property. Would I do one 8829 with nine months worth on it and another 8829 with three months on it?

Printer Friendly | Permalink | | Top

DU AdBot (1000+ posts)

Sat May 04th 2024, 01:47 PM
Response to Original message

Advertisements [?]

Top

Powered by DCForum+ Version 1.1 Copyright 1997-2002 DCScripts.com
Software has been extensively modified by the DU administrators

Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.