A former carpet cleaner stated he wrote off all mortage payments for his house since he offers 24 emergancy water removal. Sounds too easy!!! Anyone heard of it???
Business use of your home is a legitimate deduction. You can only deduct the % that is used only for business Office, garage ect. I heard a rumor that overstating the % many make you a target for an audit. The year I will write of 15% of rent and all utilities. All you owner ops should be taking advantage of this.
I just bought a house and paid cash for it. I plan on using part of the house and garage as an office. How can I write this off since I will have no mortgage payments or interest?
I stopped using the "home office deduction" years ago when it became a "red flag" item for the IRS. I did it all by the book, but I moved most of my operation to a rental garage. That's my main office write off now. The only thing I have at the house now is the phone.
I just bought a house and paid cash for it. I plan on using part of the house and garage as an office. How can I write this off since I will have no mortgage payments or interest?
I'm in your camp. Quit taking the home office deduction due to the fact that it is a huge red flag. There are much more efficient methods of saving tax dollars w/out the flags. Is everyone here incorporated? Probably should be for a whole host of reason$.