All Forum Posts by: Luke Holmes

Hello everybody. I'm a new investor and I've recently become very interested in the small tax write offs that I can begin taking advantage of to refine my strategy on taxes. One such strategy can be claiming a home office. 10 or 20 years ago this was a red flag for the IRS, but times have changed and the IRS has even made public statements saying that they recognize the increase in home offices.

With April looming, what strategies do you use to qualify your real estate business for a home office (assuming you don't have another office)? Do you use a LLC or other legal entity and write the deduction off under it? How about presentation and documentation of the space? Is it its own room or is it just a desk in the hall?

Thank you!

 Thank you Tom. Can you still "occupy" a quad if you only live there on the weekends? How does that work if you are paying rent and living elsewhere Monday through Friday?

@Michael @Charles; I'm a first time real estate investor who can't buy a quadplex in my vicinity. If I can't move in, is it still worth the quad or is a single family home a better bet? I could manage from about 2 hours away, but my 9-5 keeps me busy