Posted by: Tax services August 29, 2015
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Bandhu,
You should not be paying home mortgage interest from company's account. You always should keep business and personal stuff separate. You can do home office deduction for the space you used exclusively for business purpose. By exclusively, it means you can't use that other personal reasons beside the business use. There are different ways to deduct home office but benefit might not be that higher. Please see different options below.
1. You can rent the space to company. Company pay you rent, so it will be expense for the company and income for you.
2. It can be included as unreimbursed business expenses in itemized deduction of your 1040 which will be subject to 2% deduction. This case might give very little or no benefit at all depending on your other tax situation.
Hope this helps.
You should not be paying home mortgage interest from company's account. You always should keep business and personal stuff separate. You can do home office deduction for the space you used exclusively for business purpose. By exclusively, it means you can't use that other personal reasons beside the business use. There are different ways to deduct home office but benefit might not be that higher. Please see different options below.
1. You can rent the space to company. Company pay you rent, so it will be expense for the company and income for you.
2. It can be included as unreimbursed business expenses in itemized deduction of your 1040 which will be subject to 2% deduction. This case might give very little or no benefit at all depending on your other tax situation.
Hope this helps.