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Old 06-27-2016, 11:23 AM  
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Old 02-20-2021, 03:08 PM   #7621
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Am I reading the home office tax write off stuff correctly. That it only applies to the self employed?

Wife and I have 2 dedicated offices, not bedrooms doubling as offices, but true office spaces. Was hoping there was some type of write off for that based on sq ft.
So I’m taking it you are a W-2 employee and you want to deduct your office space. Am I understanding that correctly?
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Old 02-20-2021, 03:11 PM   #7622
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So I’m taking it you are a W-2 employee and you want to deduct your office space. Am I understanding that correctly?
That's right
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Old 02-20-2021, 03:13 PM   #7623
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Am I reading the home office tax write off stuff correctly. That it only applies to the self employed?

Wife and I have 2 dedicated offices, not bedrooms doubling as offices, but true office spaces. Was hoping there was some type of write off for that based on sq ft.
Quick research looks like that’s correct.

It did look like there was some tax free reimbursement opportunities if you could pry it out of them.

Quote:
Originally Posted by scho63 View Post
I may be wrong with all the tax law changes but I thought if you had a home office and used it for your employer, you could claim the percentage of time you used it for business.
That went away with the Last tax bill.
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Old 02-20-2021, 03:16 PM   #7624
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That went away with the Last tax bill.
They're always ****ing the little guy!
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Old 02-20-2021, 03:19 PM   #7625
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Quick research looks like that’s correct.

It did look like there was some tax free reimbursement opportunities if you could pry it out of them.
Likely unintended but impeccable timing nonetheless

*I legit expired every possible spelling of impeccable that I could think of before finally Googling that bitch. RIP youth brain
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Old 02-20-2021, 03:21 PM   #7626
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They're always ****ing the little guy!
I get why they did it. Made the standard bigger and said all that other crap needs to go. Which as a guy that’s prepared a return I can agree with.


But I can’t believe they didn’t do ANYTHING for the WFH crowd, which affected a ****ton of folks. Now naturally all these employers now that they’ve figured it out are looking at it as the opportunity to eliminate rent expense on the backs of employees. Yay.

That’s a joke that there isn’t any tax relief for the WFH crowd. Incredible.
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Old 02-20-2021, 03:22 PM   #7627
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Likely unintended but impeccable timing nonetheless

*I legit expired every possible spelling of impeccable that I could think of before finally Googling that bitch. RIP youth brain
You know what? Until you mentioned it I had forgotten I once had youth brain.
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Old 02-20-2021, 03:49 PM   #7628
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For everyone in CCIV. Bloomberg just announced the deal is almost done and could be announced Tuesday. Stock is about to go crazy Monday.
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Old 02-20-2021, 03:58 PM   #7629
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Originally Posted by KCUnited View Post
Am I reading the home office tax write off stuff correctly. That it only applies to the self employed?

Wife and I have 2 dedicated offices, not bedrooms doubling as offices, but true office spaces. Was hoping there was some type of write off for that based on sq ft.
I could be wrong, but I think there's a secret downside to doing that sort of thing. If you eventually sell the house, then it has negative tax implications since you've essentially depreciated that space. At least, that's how it works with my apartment. If I ever sell my house, I'll have a big tax bill because I've been depreciating it for two decades (or whatever my account does with it).
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Old 02-20-2021, 04:09 PM   #7630
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For everyone in CCIV. Bloomberg just announced the deal is almost done and could be announced Tuesday. Stock is about to go crazy Monday.
$150 within a month.
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Old 02-20-2021, 04:10 PM   #7631
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I could be wrong, but I think there's a secret downside to doing that sort of thing. If you eventually sell the house, then it has negative tax implications since you've essentially depreciated that space. At least, that's how it works with my apartment. If I ever sell my house, I'll have a big tax bill because I've been depreciating it for two decades (or whatever my account does with it).
They have a simplified square footage calculation that doesn’t depreciate the home anymore.

Back when you would get depreciation recapture. I don’t know of anyone that actually depreciated though.

EDIT: link.

https://www.irs.gov/businesses/small...fice-deduction
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Old 02-20-2021, 04:12 PM   #7632
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Old 02-20-2021, 04:53 PM   #7633
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This riskiest play I'll make this week may be LEAF. Earnings are Feb 25th and let me tell you, I don't like holding through earnings if I'm trading. I may spec play this and buy Monday but sell 50% of my positions before market close on the 25th. I could then let 50% of the position ride through earnings just in case. Upside here is hopefully 20-30% in short duration.

Weird things happen around earnings. A recent was PTON that surged 10% the day of earnings. Earnings were released after market close and the stock sunk 12% after hours even though the earnings report was good!

For longer plays, BABA continues to trade in a well defined channel, hopefully breakout coming. It's VERY undervalued. EXAS is a long term play as well and I really like what they offer.
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Old 02-20-2021, 06:12 PM   #7634
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Old 02-20-2021, 06:27 PM   #7635
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