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Simplified Home Office Deduction

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Services for Real Estate Pros with William T. Zumwalt CPA, CTC "The Tax Coach for REALTORS"

Please remember this year you can use the new IRS rule for the home office deduction.  This method allows you to deduct a flat rate of $5 per square foot up to 300 square feet or $1,500 for a home office.  The good and bad to this are as follows
1) Good
a) You still can deduct all of your mortgage interest and property taxes with your itemized deductions
b) You can use either method from year to year
c) No longer have to depreciate your home

2) Bad
a) If your simplified home office deduction reduces your income below zero, you can’t carry it forward to future years  as you can with the regular deduction

Bill Zumwalt
Helping REALTORS with Tax Solutions and Solving Tax Problems for REALTORS
REALTOR Tax Preparation, REALTOR Tax Accountant, Tax Preparation Tulsa, OK
Accountant Tulsa, OK, CPA Tulsa, OK, Tax Prep Tulsa, OK, Tax Savings Tulsa, OK, Tax Accountant Tulsa, OK
The Tax Coach for REALTORS

William T Zumwalt CPA,CTC, PLLC
5416 South Yale Ave
Suite 120
Tulsa, OK 74135
918-583-1040
855-993-3339
Bill@TeamZumwalt.com
www.TeamZumwalt.com

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Adrian Willanger
206 909-7536 AdrianWillanger-broker.com - Seattle, WA
Profit from my two decades of experience
Bill, Appreciate the update tax information in an ever changing tax world.
Oct 30, 2013 10:12 PM