Consumption and Real Estate
Can I write off my home office?
Question : Can I write off my home office?
I live in Denver and I am a W2 paid outside sales representative for a company based in Chicago. I have a home office in my condo in Denver that I work out of. I own the condo and plan to write off the mortgage interest.
Can I declare a write off for my home office in addition to the mortgage interest write off? If yes, how do I calculate it?
denver mortgage
Best answer:
Answer by Mark S
Yes, you can if you meet the qualifications.
You would use form 8829
http://www.irs.gov/pub/irs-pdf/f8829.pdf
http://www.irs.gov/pub/irs-pdf/i8829.pdf
In addition to the info before be careful what you write off. If you plan to sell your condo any time soon do not write off depreciation. You will have to add it back in later and will be a big tax hit.