[Hidden-tech] home office deduction question

[Tom Adams ~ Reelife Productions & Folktography]

wow. I must say, in the ten years or so (really?)...that I've been a part
of hidden-tech, that I have never seen so many completely different answers
to the same question. Hmm, now to decide which one is correct :)

Thanks all for your input. I'll be checking the facts on the IRS page and
hopefully be able to decipher the whole thing. It's definitely not cut and
dry, so to whoever said that it was a simple answer, you may want to also
further investigate. cheers.

*
Regards,
Tom Adams, Director/Owner*
Reelife Productions • Folktography by Tom (& everything
else)<http://web.me.com/ReelifeProductions/site/Tom_Adams_Links.html>
413.575.9707 • Williamsburg, MA









On Mon, Apr 30, 2012 at 9:15 PM, ussailis at shaysnet.com <
ussailis at shaysnet.com> wrote:

> There might be a few issues which sway this one decision way or another.
>
> 1. I believe that the "space" you use for an office must be completely set
> aside for your business. In my case I use my office room for some other
> stuff, so no write-off.
>
> 2. It might change the "basis" of your home, which can incur a tax at home
> sale time. These issues have changed in the past few years, so ask an
> accountant. The "basis" is (was) the actual purchase price less deprecation
> taken on the dwelling.
>
> 3. As for separate room conversion, added office features & so forth, they
> make zero difference in the sell price, unless the modifications scream
> "office." Then they might lower the price a little.
>
> I might add that if you buy an office space deprecation is a big factor.
> However never sell that space without talking to an accountant that
> understands the sale of commercial real estate, specifically "alternative
> minimum tax" and "529 conversion." (I could have that number wrong)
>
>
> Jim Ussailis
> jim at nationalwireless.com
>
>
> Original Message:
> -----------------
> From: tom's gmail tomadams at gmail.com
> Date: Mon, 30 Apr 2012 12:03:57 -0400
> To: Hidden-discuss at lists.hidden-tech.net
> Subject: [Hidden-tech] home office deduction question
>
>
>   ** Be sure to fill out the survey/skills inventory in the member's area.
>   ** If you did, we all thank you.
>
>
> Hi fellow work-at-homeers,
>
> Is there a down-side to claiming a home office space as a tax deduction?
>
> Specifically wondering how it affects the value of our home over time?
>
> our accountant has suggested that it's not always a good idea... but we
> can't figure out her reasoning & she'll charge us more for giving us a
> clearer answer...
>
> any info would be greatly appreciated.
>
> Regards,
>
> Tom Adams
> 413.575.9707 • Williamsburg, MA
> (from my virtual office/iPhone)
>
> Director/Owner:
> www.ReelifeProductions.com &
> http://Folktography.zenfolio.com
> http://me.com/ReelifeProductions
>
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