Also, is the rehabilitation tax credit for businesses only?
We usually do our own taxes, but this year may actually be complicated enough that it's worth paying a professional.
I just remembered that I…
I just remembered that I get to deduct all the decor in my new home office on next year's taxes. Coolness. That's the desk I just bought, those globe pendants, a comfy writing chair to come, maybe even some art for the walls. Doesn't make it free, sadly, but takes a third off the cost, which is definitely something. I wonder if I can deduct any of the construction / architect costs too, as a percentage of square footage. Must ask tax guy. Unless any of you know?
Yes, the rehab credit is for business-related costs. It’s possible you could take a small portion for the piece related to your office; I’m not sure about that.
Be careful about deducting building-related costs for business, by the way. When I was doing taxes (a decade ago now), doing that could endanger your ability to defer or exclude all of the gain on sale of your house later. Deducting contents, like the desk, doesn’t have the same problem.
Thanks, Lenore — I think this may be the year to use a professional.