I paid off sewer from mandatory hook up last year as Millcreek Township made this mandatory for all the people on my road as we all had septic systems. It was a large expense and I am trying to capture this somewhere. Please let me know and how or where to do this. thanks.
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Yes but you would only be able to add this expense to the cost basis on your home as a capital improvement. You would then be able to take an additional depreciation deduction on this capital improvement as part of your home office expense (but only your home office proportionate share).
Qualifying for the home office deduction is hard to do for an employee. In addition to satisfying the ordinary requirements for the home office deduction and you must meet the convenience of the employer test.
Convenience of Employer Test
If the use of the home office is merely appropriate and helpful, you cannot deduct expenses for the business use of your home.
For any home office to be deductible, you must (1) use a part of your home regularly and exclusively for work, and (2) your home office must be your principal workplace or you must regularly perform administrative or management tasks there. Whether you work at home or are an employee, you will need to satisfy these basic requirements to claim a home office deduction.
The Home Office Deduction is a job-related expense subject to the 2% AGI limitation and is only available as a deduction if you itemize on your tax return.
To enter your Home Office expenses as a job-related travel expense in TurboTax Online or Desktop, please follow these steps:
Yes but you would only be able to add this expense to the cost basis on your home as a capital improvement. You would then be able to take an additional depreciation deduction on this capital improvement as part of your home office expense (but only your home office proportionate share).
Qualifying for the home office deduction is hard to do for an employee. In addition to satisfying the ordinary requirements for the home office deduction and you must meet the convenience of the employer test.
Convenience of Employer Test
If the use of the home office is merely appropriate and helpful, you cannot deduct expenses for the business use of your home.
For any home office to be deductible, you must (1) use a part of your home regularly and exclusively for work, and (2) your home office must be your principal workplace or you must regularly perform administrative or management tasks there. Whether you work at home or are an employee, you will need to satisfy these basic requirements to claim a home office deduction.
The Home Office Deduction is a job-related expense subject to the 2% AGI limitation and is only available as a deduction if you itemize on your tax return.
To enter your Home Office expenses as a job-related travel expense in TurboTax Online or Desktop, please follow these steps:
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