Message Font: Serif | Sans-Serif
 
No. of Recommendations: 0
I have been working at home (telecommuting, but I work for GTE) for the last year and a half and I am considering revising my 1998 tax return to deduct the use of my home for work. I will also do this for 1999 but I will only be working at home from Jan - Aug. I am changing jobs at the end of Aug.

My question is: What can I safely deduct?

My home office is 90 sq ft, which represents 6.6% percent of my home. I can confidently say that this office area is only used for work purposes.

This is the list of deductions I think I can deduct, please add or subtract from this list: (PS> These are things I pay for myself)

6.6% of my mortgage (priciple only since the interest is already deducted)

6.6% of my utility bills (Gas, Electric, Water??)

6.6% of my Home Insurance??

Anything else? Any help would be greatly appreciated.

Thanks,
P.
Print the post  

Announcements

Disclaimer:
In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
Live Video Event Monday!
The GP team is hosting a live video event on Monday at 4 p.m. ET. Don't worry if you can't make it — we'll have a replay and a transcript. Click for more!
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.