02-02-2016, 11:00 AM
The tax deduction works roughly like, (this is for self employed, being an employee might be slightly more restrictive but it should be very similar)
you have to have a dedicated workspace that you ONLY use for business. so if thats where you fap, play video games, read gawker, social justice warrior, exercise your privilege, etc you cant deduct it.
you divide the square footage of your dedicated workspace by the square footage of the entire house which gives you a % of your house that is used for business
you apply that % to your housing costs minus what you already deduct in interest, prop tax etc and there is your deduction.
that means that if you own, you are already deducting your mortgage interest and property tax (which is the lions share of your mortgage payment)
so you are deducting a very small portion of a pretty small part of your payment. usually turns out to be almost nothing.
last year mine was barely even worth the calculation.
a lot of people mess this up and deduct the interest portion twice, which is begging for an audit.
if you rent, im guessing you can deduct the % of your rent straight up, but ive never been in that situation so look it up.
you have to have a dedicated workspace that you ONLY use for business. so if thats where you fap, play video games, read gawker, social justice warrior, exercise your privilege, etc you cant deduct it.
you divide the square footage of your dedicated workspace by the square footage of the entire house which gives you a % of your house that is used for business
you apply that % to your housing costs minus what you already deduct in interest, prop tax etc and there is your deduction.
that means that if you own, you are already deducting your mortgage interest and property tax (which is the lions share of your mortgage payment)
so you are deducting a very small portion of a pretty small part of your payment. usually turns out to be almost nothing.
last year mine was barely even worth the calculation.
a lot of people mess this up and deduct the interest portion twice, which is begging for an audit.
if you rent, im guessing you can deduct the % of your rent straight up, but ive never been in that situation so look it up.