Take a tax deduction on your home office?

Aug 23, 2006

Many freelancers who work from home claim a tax deduction on a home office. If you own your house (or drafty garret, as may be the case in New York City), such deductions could complicate tax matters when you sell, according to the New York Times. The article concludes that you should take a depreciation deduction on the area of your home used as an office, even though it may result in higher taxes when you sell, because you'll likely save money in the end. Add your strategies for tax deductions to the wiki.