Discussion:Home Office Deduction Final Year of Use
From TaxAlmanac, A Free Online Resource
Note: You are using this website at your own risk, subject to our Disclaimer and Website Use and Contribution Terms.
From TaxAlmanac
Discussion Forum Index --> Basic Tax Questions --> Home Office Deduction Final Year of Use
Discussion Forum Index --> Tax Questions --> Home Office Deduction Final Year of Use
| 26 May 2008 | |
| Can a taxpayer deduct disallowed deductions due to the income limitation in either its final year of use of the home office or in a subsequent year? Or are they lost? Taxpayer moved out of home office into a commercial building and has unutilized deduction. Thanks. | |
TheTinCook (talk|edits) said: | 26 May 2008 |
| So the taxpayer is continuing the same activity that he was doing when he had a home office?
If so, then he can continue to take the suspended losses as a carryover on the 8829 in the final and subsequent years. | |
| 26 May 2008 | |
| Sec. 280A(c)(5) effectively eliminates the home office deduction in any year that the gross income attributable to the use of the home office is zero. | |
TheTinCook (talk|edits) said: | 27 May 2008 |
| You'd need a home office, but not necessarily the same home office in order to actually deduct. | |
| 27 May 2008 | |
| Question: Can the taxpayer select how much mortgage interest, for example, to include on the 8829 so as not to have so much expense in an effort to be utilize all of home office deductions in that final year withot leaving any carryover? | |
TheTinCook (talk|edits) said: | 27 May 2008 |
| No. | |
To join in on this discussion, you must first
log in.
