The IRS Deductions Blog

Posts Tagged ‘deductions’

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Question: Are HOA fees tax deductible? Can you write them off, in my case they pay my property taxes.?

Are HOA fees tax deductible?

My HOA’s are $1,100 a month and cover my property taxes and all utilities. Is a portion of that tax deductible?

Also, if I’m only renting out one room in my house, does it qualify as a rental property? Does that make a portion of my HOA’s tax deductible?

Thanks for your time.

Answer: I’ve never heard of an HOA covering property taxes before, but….

Mortgage interest and property taxes are deductible IF you itemize deductions.

Renting out one room of the house makes most expenses (partially) deductible, to the extent of gross rental income. If the tenant doesn’t have a separate entrance, and you’re living in the house, you probably are forbidden from claiming a loss on Schedule E, and otherwise Deductible Expenses are counted first, so the proportionate share of your mortgage interest and property taxes must be claimed on Schedule E rather than Schedule A.

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Question: How much is the standard tax deduction in the state of Florida?

How much do I need to spend to receive more than the standard deduction and itemize every purchase.

Answer: sky–you know there is no income tax in Florida
on the Federal return, as a single person your standard is $5700
when are you going to request pub 17 from IRS to help you?

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Question: Is my laptop tax deductible?

I’m going to be buying a laptop, and was wondering if it’s tax deductible as i work for an internet company that requires me at times to access the net for research on a computer at home.

Answer: If it’s for business and you can prove it, then more than likely yes. Ask your accountant though.

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