I have a home office. Can I deduct ALL the mortgage interest on my 2010 return?
Maybe there is more an office deduction that you may apply.
Besides being one of the things the IRS looks at closely -- thereby increasing your chances of being audited -- you can only legally deduct a percentage of the mortgage interest.
**I am not a tax professional** but unless the tax laws have changed, you need to calculate how many square feet your office is, and divide it by the total square footage of the whole house to determine what percentage you can deduct.
Home office = 100 sq ft.
Whole house = 2000 sq ft.
100/2000 = 0.05 or 5%
So, if you paid $10,000 in mortgage interest, you can only deduct $500 as a business expense. You'll have to decide if $500 is worth an audit.
using jay's example, i understand that you are also entitled to that same percentage of your utilities & property taxes.
by maria_20104 years ago
I did work in 2010. i recieved my W2 form in the mail but i didnt get any deductions taken...away...but i do have a baby girl will i still get the child credit???
by ltwinse5 years ago
my condo is vacant and for sale. i live elsewhere. can i still deduct interest on mortgageproperty is in new jersey
by ptosis5 months ago
More than 400 millionaires and billionaires asks Congress not to pass a bill that "further exacerbates inequality." It also says the tax bill should not add to the country's debt.Republicans are “saying we...
by Bill Russo7 years ago
Is ther U.S. government going to eliminate the Mortgage Interest Deduction for homeowners?This is the only thing that saves me from having to pay the IRS. If I lose this, it will be very costly.
by guy63366 years ago
Is the mortgage interest rate going to continue to rise or is it going to go back down?
by glassvisage6 years ago
At what point is it worth it to deduct charitable donations from taxes?At what point is it worth it to deduct charitable donations from taxes? How much do you have to donate to make it worth the time to do the...
Copyright © 2018 HubPages Inc. and respective owners.
Other product and company names shown may be trademarks of their respective owners.
HubPages® is a registered Service Mark of HubPages, Inc.
HubPages and Hubbers (authors) may earn revenue on this page based on affiliate relationships and advertisements with partners including Amazon, Google, and others.