Asked by: Satpal Begueasked in category: General Last Updated: 14th January, 2020
Can you deduct HOA fees for home office?
Simply so, are HOA fees tax deductible 2019?
Though many costs of owning a home are deductible on your income taxes, including your mortgage interest and property taxes, the IRS does not allow you to deduct HOA fees, because they are considered an assessment by a private entity. If the home is a rental property, however, HOA fees do become deductible.
Also, are road maintenance fees tax deductible? Yes, the prorated amount of the maintenance fees that apply to your home office are tax deductible.
Furthermore, are home association fees tax deductible?
Unfortunately, homeowners' association (HOA) fees paid on your personal residence are not deductible. However, if you have an office in your home that you use in connection with a trade or business then you may be able to deduct a portion of the HOA fees that relate to that office.
How do I deduct my home office?
The simplified version If your home office is 300 square feet or less and you opt to take the simplified deduction, the IRS gives you a deduction of $5 per square foot of your home that is used for business, up to a maximum of $1,500 for a 300-square-foot space.