Any o/o wite off thier mortage payments?

[vinman]

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???

 

[greg connors]

a mortgage consists of 2 components principle and interest

interest is already deductible


he's a former carpet cleaner and a present inmate :roll:

 

[vinman]

Yes definately a former cleaner - I know the interest is deductible was.

 

[-JB-]

If it sounds too good to be true...

 

[Warren Wallace]

Is he a former cleaner because hes in jail?

 

[B&BGaryC]

He's a plant from the IRS. You all passed the test.

Remember, Uncle Obama Wants YOUr wallet.

 

[Terry]

ditto odin go to a cpa

 

[ACE]

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.

 

[daniel@procarpet]

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?

 

[R W]

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.

 

[B&BGaryC]

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?

Send me a thousand dollars a month and write it off as a consulting fee. No red flag, and I'll use the money to pay a mortgage.

 

[Steve in Omaha]

RW,

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$.