Sponsored Links
Flip Videos
Loading...

Tax question: Can I deduct home office business expenses and also not pay taxes on profits from selling house?


Question by Jordan: Tax question: Can I deduct home office business expenses and also not pay taxes on profits from selling house?
I sold my house this year and profited around $ 20,000 from the sale of the house. I also since 2009 have claimed part of my old house (the one I sold), and now my new house I bought for business expenses because I have a home office I use for strictly work. Can I still claim my business expenses for home office and also not pay taxes on the capital gains from the sale of my house?

Best answer:

Answer by Ryan M
Since you made a peanut profit on your house it no big deal. You only claim a profit when you make a $ 250k profit for a Single filer.

Add your own answer in the comments!


3 Responses to “Tax question: Can I deduct home office business expenses and also not pay taxes on profits from selling house?”

  • Bostonian In MO:

    There’s no way around the capital gains tax on the depreciation recapture from taking a home office deduction. If you meet the 2 of 5 rule the remaining gain is not taxed.

    There’s a new rule for tax year 2013. If you wish, you can take a flat $ 5 per square foot home office deduction for the floor space used for your home office. That avoids the hassles of the depreciation recapture and keeping track of all other household expenses all year.

  • Yazminur:

    Jordan you can search some blogs using footprints in a google search.

  • tro:

    if you depreciated the business space of your home this had to be reported on 4797 when you sold the house, you have to recapture it
    any cap gain on that portion is not part of the $ 250 exclusion

Leave a Reply

hogan outlet hogan outlet online louboutin pas cher louboutin pas cher tn pas cher nike tn pas cher nike tn pas cher nike tn pas cher nike tn pas cher nike tn pas cher nike tn pas cher nike tn pas cher air max pas cher air max pas cher air max pas cher air max pas cher air max pas cher air max pas cher golden goose outlet golden goose outlet golden goose outlet golden goose outlet golden goose outlet golden goose outlet