In expenses, I marked my mortgage as "personal" even though I work from home, is that right? (I am assuming I can't deduct my entire mortgage).

I am self employed and working on business expenses.

posted

Yes, you can claim a small part of your mortgage as a home office expense. The remainder will reported on Schedule A on your return to be reported as an itemized deduction.

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1 room is used as my office for our LLC. Home is 2,117 sq ft. How do I figure the amount of a deduction? Is it a portion of interest paid or is it a % of mortgage?

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In expenses, I marked my mortgage as "personal" even though I work from home, is that right? (I am assuming I can't deduct my entire mortgage).

In expenses, I marked my mortgage as "personal" even though I work from home, is that right? (I am assuming I can't deduct my entire mortgage).

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In expenses, I marked my mortgage as "personal" even though I work from home, is that right? (I am assuming I can't deduct my entire mortgage).

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In expenses, I marked my mortgage as "personal" even though I work from home, is that right? (I am assuming I can't deduct my entire mortgage).

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