Can I offset funds used to repair home office if I made no money on business in 2019 and withdrew IRA funds to pay for home office repairs?

sacamiko21e · ‎January 30, 2020

DawnC · ‎January 30, 2020

No. The law puts a cap on how much you can deduct for the business use of the home. Basically, your home office deductions can’t exceed your home-based business income. In other words, home office expenses can’t create a tax loss to shelter other income.

The Home Office Deduction

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DawnC · ‎January 30, 2020

No. The law puts a cap on how much you can deduct for the business use of the home. Basically, your home office deductions can’t exceed your home-based business income. In other words, home office expenses can’t create a tax loss to shelter other income.

The Home Office Deduction

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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Can I offset funds used to repair home office if I made no money on business in 2019 and withdrew IRA funds to pay for home office repairs?