Quote:
Originally Posted by deniseg
The law says that if you have a separate room in your house that you use as an office you can take 20% of your rent/mortgage off of your income. (I didn't have a separate room but I did this for 10 years when I had my business and never got audited.)
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While this is true, are you aware that when you sell your house you need to pay 20% (or whatever percentage you expense above) of your earnings to the gov't? So if I bought my house at $300K and sold at $500K, $40K of my profit is taxable income. Bullshit!
I think I'll wait to get into my "final" house before doing this.