[quote=SK in CV][quote=flu]
One question though… For a primary residence, if you sell your home less than it’s worth, you can’t write it off.. So if I understand you correctly, with a home office deduction, than this becomes possible (as an offset to whatever gain was reported in the depreciation of the home office)?[/quote]
Yep, it does. Keep in mind that most home offices are pretty small. Like the 10′ by 12″ office in your massive estate might only be 3 or 4% of the total space. So the write off of a loss isn’t nothing, but it’s pretty small in comparison to the total loss.
Edit added: Sell for less than it’s worth? I assume you mean less than it cost?[/quote]
Yes, poor choice of words… Thanks for the clarification. I appreciate the knowledge transfer…. Now if I can just crowd out the rest of my Ron Paul indoctrination with other, more useful information 🙂
