Its tax season again and as we all look to minimize Uncle Sam’s cut one thing we frequently overlook are our HOA fees. Unfortunately, HOA fees themselves unfortunately cannot be deducted directly. They are a cost of the house and simply the price to own the home in your neighborhood. However, if you rent your home out they are deductible as a rental cost. They must be paid but for a rental property they can be written off. Another deduction allotted for HOA fees is if you have a home office. That makes a portion of them a work expense. The write off amount is directly related to the portion of the home that the office utilizes. For instance if your home office is 140 sq/ft and your homes total sq/ft is 1,400 that means the office is 10% of the total. So 10% of the HOA fees can be written off. Don’t miss out on this opportunity to be diligent and save.
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