All Forum Posts by: Michael Bertsch

Can I use the home office deduction if I am already taking a loss on my schedule e? A few CPA's have told me I can but literature I have been reading says otherwise. It states you can't create a tax loss with a home office deduction. If you do, it has to be carried over to the next year.

Brandon Hall Can I still use the home office deduction? I would be using the simplified method $5 per sqft.

Ashish Acharya , I have a question about the home office deduction. After all my operating expenses and depreciation, I will have a loss on my schedule E. Can I still deduct the home office?? A few people are telling me I can and some literature is saying you can't. I will have to carrying over to the following year. Apparently, there is a gross income limitation. If your deductions exceed your profits, you can't deduct the home office that year. I'm just trying to get this figured out lol.

Thanks guys!

David Dachtera People may disagree with me but I prefer to do my own taxes. Understanding tax code and what I can deduct makes me a better investor for my buy and holds. I actually find taxes very interesting and kind of like a game. If I was flipping and doing crazy deals I would consider a CPA. Or, I had a massive portfolio and wanted to delegate the work. If I get audited in the future, I am okay with it. All my ducks are in a row.

Several months ago we had a bad storm come through and the roof was damaged on my rental property. The total cost was about $4k to replace. My insurance claim covered part of the cost. I paid $2800 out of pocket. So, can I deduct the whole $2800 this year with a casualty loss? If so, does my basis stay the same or does it need to be reduced a certain amount?

Several months ago we had a bad storm come through and the roof was damaged on my rental property. The total cost was about $4k to replace. My insurance claim covered part of the cost. I paid $2800 out of pocket. So, can I deduct the whole $2800 this year with a casualty loss? If so, does my basis stay the same or does it need to be reduced a certain amount?

Taylor Brugna your the man. I will probably use the simplified method for the home office. I will be taking a casualty loss on one of my rentals this year. We had a bad storm come through. It cost around $4k to replace and I paid $2800 out of pocket that was not covered by the claim. So, can I deduct the whole $2800 this year? If so, does the basis on my property stay this same or does it need to be reduced by a certain amount?

Taylor Brugna good deal! Now, is the cell phone monthly bill deductible? If so, is it a certain percentage? Also, can I take a home office deduction if I am already taking a paper loss on my schedule e? BTW, I really appreciate your feedback. It has been very helpful.

Taylor Brugna can the cost of a cell phone be deducted using the de minimis safe harbor? Not the monthly bill but the actual cost of the device. I bought one a few months ago and it was about $800. I don't wanna have to depreciate it for 5-7 years. From what I understand, it's no listed property so I do not have to keep track of personal/business use.