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When do I qualify to take a deduction for the business use of my home?

be for the convenience of your EMPLOYER You must not rent any part of your home to your employer and use the rented portion for work related to your job with that employer. If the use of the home office is merely appropriate and helpful, you cannot...

Please explain all of the deductions that are available related to my home.

deduct any qualifying real estate taxes that you paid to state, foreign, or local government agencies (such as your town office, county, parish, or other tax assessor). Mortgage Insurance Paid: Another common deduction related to your home...

Selling Your Home

During the year, many people sell their home and move to a new location. Many of those individuals will make a profit on the sale and still will not have to pay a single dime of additional income tax to the IRS. This exclusion—up...

Business Use of Home (Overview)

Whether you are self–employed or are an employee, you may be able to deduct certain expenses for the part of your home used for business despite the general denial of business expense deductions for the home. To deduct expenses...

What is a 1098: Home Mortgage Interest

This form shows you the home mortgage interest that was paid on your home throughout the current tax year. For an example of this form please click on the link below. Form 1098 sample Form 1098 instructions

Kentucky New Home Tax Credit

The New Home Tax Credit is a nonrefundable income tax credit effective July 26th, 2009, and applies to a “qualified buyer” who purchases a “qualified principal residence”. If you completed an Application for New Home Tax Credit (Form...

What "Closing Costs" Can I Deduct When Purchasing a Home?

Congratulations on the purchase of your new home! When you purchased your home, you may have paid what is called "settlement" or "closing costs" in addition to the contract price. These costs are typically divided between you...

Business Use of Your Home - What expenses can be deducted?

There are 2 types of expenses that you can deduct: Direct Expenses and Indirect Expenses. Direct Expenses are those expenses that are paid only for the business part of your home. For example, if you pay for painting or repairs only...

Which home purchases qualify for the first-time homebuyer credit?

for this credit in 2011. Please click here for more information. Only the purchase of a main home located in the United States qualifies and only for a limited time. Vacation homes and rental property are not eligible. You must buy the home after...

I do not own a home. I rent. Can I deduct the rent I paid?

No. You cannot deduct rent you paid while renting your home on your federal return. Some states offer a deduction for this. To see if your state offers this, you would need to contact your state directly. To locate state contact info