💰How to deduct your home expenses to save on taxes #tax #realestatetips #officededuction

🏡 Real estate has some of the best tax saving benefits around.

🤔 But did you know that you can take an office deduction if you use a part of your home as a home office?

💻 Since many of you now work from home work you may be able to take this deduction as well!

📏 Just take the ratio of the office space relative to the rest of the livable sqft of your home and you can deduct a portion of the ordinary expenses of your home from your taxes such as the mortgage interest, utilities, and property taxes.

🛏 You shouldn't take this deduction if you use this space for other personal uses though (i.e. you shouldn't use it if your home office is also your bedroom).

💵 Every dollar you save on taxes is another dollar you can use to invest and grow your net worth!

👨🏻‍💼 Reach out to your CPA or favorite tax professional to see if it applies to you.

#taxdeductions #tax #realestatetips #moneyhacks #officededuction #realestate #taxes #moneytips

[blurryeclipse]

All I know is, I’m about to have a huuuuge office

[kr]

Another good one, Sean. You made it so simple. Others make this deduction so complex.

[OhhhLaverne]

I’m following Sean now.
I’m a young homeowner not by choice
It was giving and no help along the way. Now that I loss my sibling it’s really been hard even getting help with property taxes and didn’t know I should have waited to pay off the mortgage. Smh . I need homework

[Peteliao]

I did this and it triggered an IRS audit last year. They said I don’t have a home office, and I really don’t. I just have my laptop that I work in my bedroom

[seanlovesrealestate]

Are you taking the home office deduction?

[chief]

Not sure how I feel about this Sean guy, but the dude in the grey shirt seems pretty cool

[TheOneAndOnlyPereira]

Make the office the largest section of the house and write off a lot more lol😂

[HawkeyePanther]

Is this for rental properties or for personal property as well?

[RobinsonAlex]

Do I have to own a business? I work from home 40hrs a week. I do have an office.

[avaurhahn]

I am super curious about this! I work in pet care and frequently have an extra dog or two that I am caring for at my house full time. So my entire home is my business most of the time. BUT I am renting, so I don't know if this is relevant for me.

[syfodias-jedimaster]

What about standard deduction? (Noob here serious question, doing my homework)

[animo]

Actuall wish version of this rich grandpa

[aftermathmatix]

This is only if you are a 1099 employeee correct?

[dorisirizarry]

Hi Shawn I have a DBA in NY state1live and in apartment 1, 300 how can I make an office and do you know ihow?

[bayarearob]

It's cool, but why do you guys all have the same videos lol. Creative vs Creator 🤔

[hartmada]

Is this still relevant? I thought tax reform says you cannot do this anymore?