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home office deduction

Do You Claim a Home Office deduction on your Federal tax?

  • Yes

    Votes: 12 60.0%
  • No

    Votes: 8 40.0%

  • Total voters
    20

specialtylc

LawnSite Bronze Member
Originally posted by Westbrooklawn
How many of you who work from out of your home take an income tax deduction for a home office. I am particularly interested in part timers.
I have talked to 3 different accountants about taking a home office deduction. And they all said it was not worth it because you will have to pay back all the property taxes back when you sell your home. And the deduction wont add up to more than a couple hundred dollars at most.
 

amar

LawnSite Member
Location
SE Michigan
My CPA firm has advised me to opt out on the deduction. Its not only property taxes that youll have an issue with when you sell. I don't recall exataly what they told me it was about three or four years ago, but there is an issue with the net profit from the sale or your home.
Talk to an accountant they will set you straight.
 

65hoss

LawnSite Fanatic
Location
Memphis, TN
As a former accountant I do not take mine either. Why? Simple, it has been known to be a red flag for the IRS for audit.
 

1MajorTom

Former Moderator
Location
Pennsylvania
Originally posted by 65hoss
As a former accountant I do not take mine either. Why? Simple, it has been known to be a red flag for the IRS for audit.
Exactly! That's what I was hoping to hear someone say.. That's exactly what our accountant told us.
 
OP
W

Westbrooklawn

LawnSite Senior Member
Location
Durham, NC
lawnman_scott,

Now you might have some insight into what ".......other than absolute stupidity...." might be a reason to not take a home office deduction. I would be interested to know your accountant's take on this subject.
 

John Gamba

LawnSite Fanatic
Location
ct
Originally posted by 65hoss
As a former accountant I do not take mine either. Why? Simple, it has been known to be a red flag for the IRS for audit.
This is what i was told, Then the accountant started to tell me how he is able to do it:mad:
This sucks
John
 
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