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If you work from home either full or part-time, you may want to give the home office deduction a go on your taxes. The problem with this deduction is that it can be tricky. 


Are You Eligible?


Your workspace needs to meet the criteria for business use. You need to use your work space regularly and as your principal place of business. If you don’t work from home as a self-employed individual, your employer must require you to work from home due to a lack of office space or other circumstances. The keywords in this part of the clause are “exclusively, regularly, and must.”


First, you’ll need to calculate the percentage of your home that’s used for business. This means that if your office is 100 square feet and your home is 1,000 square feet, you use 10% of your home for business. If you own the space you’re living in, you can deduct 10% of the mortgage interest that you pay each month. Keep in mind that you can’t double dip either. This means the amount of mortgage interest that you deduct on other parts of your taxes is reduced. If you rent your home, you’d deduct the percentage off of your monthly rental payments. 


Home Office Maintenance


If you own your home, you are able to deduct a portion of your property taxes, insurance, utilities, maintenance, and other expenses that are associated with your home office space. These expenses vary because some are direct such as the expense of you painting your office. Others are indirect. Home insurance applies to your entire home, so you would only apply a portion of that to a deduction. For the direct expenses, you are able to deduct the entire cost. 


For the indirect expenses, you’ll go back to applying the percentage of your home that is used for work. This means if we’re working with a 10% figure, you are able to deduct 10% of your utilities, 10% of your home insurance premiums, and so on.


If you rent, you can still deduct many of the same things that homeowners can from your taxes for a home office expenditure. The only thing that you’ll lack as a renter is the ability to write off things like mortgage interest, property taxes, and homeowner’s insurance. Know that you’ll be able to write off a portion of your renter’s insurance. 


The Complicated Stuff: Depreciation


You are able to depreciate the value of a home office as your home ages. It’s not always necessary to do this, so you should consult your tax professional before you decide to make this type of deduction. Equipment in your office, such as your computer, can be claimed as a depreciation over time as well. 


The important thing when it comes to your home office tax deduction is to do your homework. You don’t want to miss out on important savings!


Great handyman special located within walking distance to train. First floor offers 3 rooms with large eat-in kitchen, full bath, spacious living room and bedroom. Second floor features two-levels of living space with large eat-in kitchen, spacious living room, full bath, small den, bedroom and two additional bedrooms w/skylights on 3rd floor (unheated). One oil heating system w/tank-less hot water, two separate gas meters for stoves, three separate circuit breaker boxes one for the public/hardwired smokes. Hardwood/wood floors. Maintenance free vinyl siding. Nice fenced in back yard. Great opportunity to get in to Malden and enjoy the vibrant downtown area, nearby Northern Strand Community trail great for biking, walking and jogging. Buyer to do their own due diligence. Property is being sold "as is/where is". Estate sale - Seller and Seller's agent makes no warranties or representations expressed or implied regarding condition of property.

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89-91 Madison Street, Malden, MA 02148

Bell Rock

Multi-Family

$459,900
Price

2
Units
1,893
Approx. GLA
Great handyman special located within walking distance to train. First floor offers 3 rooms with large eat-in kitchen, full bath, spacious living room and bedroom. Second floor features two-levels of living space with large eat-in kitchen, spacious living room, full bath, small den, bedroom and two additional bedrooms w/skylights on 3rd floor (unheated). One oil heating system w/tank-less hot water, two separate gas meters for stoves, three separate circuit breaker boxes one for the public/hardwired smokes. Hardwood/wood floors. Maintenance free vinyl siding. Nice fenced in back yard. Great opportunity to get in to Malden and enjoy the vibrant downtown area, nearby Northern Strand Community trail great for biking, walking and jogging. Buyer to do their own due diligence. Property is being sold "as is/where is". Estate sale - Seller and Seller's agent makes no warranties or representations expressed or implied regarding condition of property.
Open House
No scheduled Open Houses

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15 Lyle Street, Malden, MA 02148

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Within a short walk to Oak Grove train station and minutes to the Fells Reservation for jogging and walking trails is this lovely well-cared for home just waiting for you. Welcoming Farmer's porch greets you as you enter the enchanting foyer with grand staircase w/stain glass window, spacious sun-filled living room, elegant formal dining room w/decorative fireplace, first floor den or bedroom, 1/2 bath and large eat-in kitchen w/many oak cabinets, GAS STOVE and lots of counter space, 1st floor laundry room, back and front staircases lead to 4 bedrooms and large full bath w/linen closet. Beautiful refinished hardwood/wood floors and natural woodwork throughout, huge walk-up attic offers great expansion possibility. Located on a corner lot w/large fenced in yard great for family gatherings and bar-be-ques. Oil heating system approx. 14yrs old. Windows updated within the past 10 years.
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