I am a consultant and do most of my work from home. If I take a home deduction, does that have any tax consequences down the road when I sell my home? If so, what are they?
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Hi @dick16 Here is some information on how a home office deduction can affect the sale of your home.
The deduction method you choose matters especially when it comes to the yearly home office depreciation deduction. Depreciation allows for your property’s decrease in value due to normal wear and tear. If you claim home office expenses using the actual expense method, you deduct depreciation if you have a profit. Under the safe harbor method, you don’t.
The method you use also affects your tax situation when you sell the home:
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