Question about deductions

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Subject Author Date Question about deductions pallav 08-10-2008  Re: Question about deductions Condor 08-10-2008  Re: Question about deductions removeps-groups@yahoo.com 08-11-2008  Re: Question about deductions Dick Adams 08-11-2008  Re: Question about deductions Bob Sandler 08-10-2008  Re: Question about deductions removeps-groups@yahoo.com 08-11-2008  Re: Question about deductions Dick Adams 08-11-2008
Posted by pallav on August 10, 2008, 8:48 pm Please log in for more thread options Hi, I have some questions about tax deductions. 1. I am a first-time home buyer. I understand there is a $7500 tax credit (http://federalhousingtaxcredit.com) I will be eligible for in 2008 tax return. I plan to buy within the next 6 months. Are there any other deductions/credits available as a first time home buyer? The move will be in-state and the property would be about 5 miles from where I currently live. 2. I teach in a university. During the semester, I am in the university 2-3 days out of the week (when there are classes). The rest of the time and during the summer (3 months), I work on my research in my apartment (I have setup a small mini-office). Are there any deductions I can make for using a part of my home space as an mini- office? Note that I am not self-employed nor running a business. During the day, I'll work on my research, do university work (answer emails, prepare documents) etc etc in my home-office. At the night, I might see a movie on the computer (located in the home-office). For example, I read somewhere you can deduct a certain portion of utility bills (my home computer is on 24/7 and it is a power hungry machine (Mac Pro). I do notice a significant reduction in my electric bill when this machine is turned off for a month (or only used say 2-3 hr/day)). Are there any other deductions I can make here? Thanks for any information. -- << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >> Posted by Condor on August 10, 2008, 9:14 pm Please log in for more thread options > 1. I am a first-time home buyer. I understand there is a $7500 tax > credit (http://federalhousingtaxcredit.com) I will be eligible for in > 2008 tax return. I plan to buy within the next 6 months. Are there any > other deductions/credits available as a first time home buyer? The > move will be in-state and the property would be about 5 miles from > where I currently live. See Kaye Thomas' write-up on Fairmark.com about the new first-time homebuyer's credit. Your other questions are addressed in IRS Publication 530. http://www.fairmark.com/news/08073001-homebuyer-credit.htm http://www.irs.gov/pub/irs-pdf/p530.pdf > 2. I teach in a university. During the semester, I am in the > university 2-3 days out of the week (when there are classes). The rest > of the time and during the summer (3 months), I work on my research in > my apartment (I have setup a small mini-office). Are there any > deductions I can make for using a part of my home space as an mini- > office? Note that I am not self-employed nor running a business. > During the day, I'll work on my research, do university work (answer > emails, prepare documents) etc etc in my home-office. At the night, I > might see a movie on the computer (located in the home-office). If you are an employee, for starters your home office must be for the convenience of your employer. Since the university furnishes you office space, it's highly unlikely you will meet the convenience-of-employer criterion. For more information on home office deductions, see IRS Publication 587. http://www.irs.gov/pub/irs-pdf/p587.pdf Condor -- << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >> Posted by removeps-groups@yahoo.com on August 11, 2008, 12:34 pm Please log in for more thread options > > 2. I teach in a university. During the semester, I am in the > > university 2-3 days out of the week (when there are classes). The rest > > of the time and during the summer (3 months), I work on my research in > > my apartment (I have setup a small mini-office). Are there any > > deductions I can make for using a part of my home space as an mini- > > office? Note that I am not self-employed nor running a business. > > During the day, I'll work on my research, do university work (answer > > emails, prepare documents) etc etc in my home-office. At the night, I > > might see a movie on the computer (located in the home-office). > > If you are an employee, for starters your home office must be for the > convenience of your employer. Since the university furnishes you office > space, it's highly unlikely you will meet the convenience-of-employer > criterion. But does the university furnish office space for the 3 months of summer? -- << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >> Posted by Dick Adams on August 11, 2008, 3:51 pm Please log in for more thread options >>> 2. I teach in a university. During the semester, I am in the >>> university 2-3 days out of the week (when there are classes). The rest >>> of the time and during the summer (3 months), I work on my research in >>> my apartment (I have setup a small mini-office). Are there any >>> deductions I can make for using a part of my home space as an mini- >>> office? Note that I am not self-employed nor running a business. >>> During the day, I'll work on my research, do university work (answer >>> emails, prepare documents) etc etc in my home-office. At the night, I >>> might see a movie on the computer (located in the home-office). >> If you are an employee, for starters your home office must be for the >> convenience of your employer. Since the university furnishes you office >> space, it's highly unlikely you will meet the convenience-of-employer >> criterion. > But does the university furnish office space for the > 3 months of summer? Your faculty space is available to you year round. If your University has a Business School, talk to the Tax Professors there for insights into deductions. Dick -- << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >> Posted by Bob Sandler on August 10, 2008, 10:23 pm Please log in for more thread options >At the night, I >might see a movie on the computer (located in the home-office). That eliminates any deduction for a home office. To take the deduction, the home office must be used *exclusively* for business. For more details, see the IRS publication that Condor referred you to. Bob Sandler -- << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >> Similar Threads Posted medical deductions question July 24, 2007, 11:52 pm Charitable deductions question March 10, 2008, 11:55 pm Question on Leasing / Auto expenses Deductions July 22, 2009, 11:32 am deductions and AMT December 28, 2006, 8:15 pm Missed deductions February 13, 2007, 1:49 am Top Ten Oddball Tax Deductions March 25, 2007, 12:26 pm Two questions on deductions April 15, 2007, 1:42 pm Who takes the deductions? 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