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Level 3
posted Oct 5, 2024 10:02:10 AM

If I have a home office deduction but cannot itemize on Schedule A, can I still deduct interest and taxes on my home office expenditures>

0 2 17969
2 Replies
Level 15
Oct 5, 2024 10:14:24 AM

if you qualify for a HO deduction a portion of your taxes and interest are eligible expenses. The fact you don't itemize is irrelevant. 

Level 15
Oct 5, 2024 10:20:49 AM

You would need to deduct the Home Office expenses on Schedule C as a business expense.  But Some expenses, such as home office or section 179 depreciation can only be used to reduce your schedule C taxable income to zero, and not to create a loss. Excess deductions for these carry over to the next year.  And you have to answer yes to both questions about exclusive and regular use, not just one.  The area of your home office must be used regularly and exclusively for business to deduct it.