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

If you use your home for work-related issues, you may be able to claim a deduction for the business use of your home. To qualify to claim expenses for the business use of your home, you must use part of your home for one of the following

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

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

claim the first-time homebuyer credit on your 2008 tax return. For an eligible purchase in 2009, you can choose to claim the credit on either your 2008 (or amended 2008 return) or 2009 return. However, if you purchased 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 rent paid. To see if your state offers this, you would need to contact your state directly. To locate state contact info

Tax Documents Needed To Prepare Your Return

a sample 1095 A Click Here Form 1098 - For homeowners, this form reports mortgage interest that is tax deductible. This document will usually be from your mortgage company and will contain additional information regarding your home loan, escrow

What expenses cannot be deducted as "moving expenses"?

license. * Expenses of buying or selling a home (including closing costs, mortgage fees, and points). * Expenses of entering into or breaking a lease. * Home improvements to help sell your home. * Loss on the sale of your home. * Losses from

Georgia Disabled Person Home Purchase or Retrofit Credit

Georgia provides a disabled person credit equal to the lesser of $500 per residence or the taxpayer's income tax liability for the purchase of a new single-family home that contains all the accessibility features listed below. It also

What is a "capital asset"?

523 , Selling Your Home .

Missing your W-2?

Did you get your W-2? These documents are essential to filling out most individual tax returns. You should receive a Form W-2, Wage and Tax Statement , from your employer(s) each year. Employers have until January 31 of the current tax

How to Create Your Account

for your account and will link your returns from year to year. Since the Username you create is unique to you and your account, you will be unable to edit it at a later date. If you forget your Username, we have tools in place to aid you