Search Help


Enter one of more keywords to search. Use quotes for “exact phrase.” Note that '*' and '?' wildcards are supported.

When your search results appear, you can refine your search further: Sort for only results in which all search terms appear AND/OR sort by chronological order.

Article Date:
March 2013


Word Count:
513

 

 

IRS Agent Denies Mortgage Interest on Home-Office Deduction


Question

 

We just completed stage one of an IRS audit on a rather large property in the Northeast. One issue in the audit was the amount of mortgage interest that we claim on this client’s home-office deduction.

 

The client has a $4 million mortgage on the home. Based on square footage, the home-office part of the mortgage is $1.52 million (38 percent).

 

The IRS agent cited IRC Section 163(h) and reduced the allowable deduction to interest on $190,000 (38 percent of $500,000). Big ... Log in to view full article.

Already a subscriber?
Email Address
Password


You’ll be able to read the full article and get instant access to the last few issues of the Tax Reduction Letter
Not yet a subscriber?
with a money-back guarantee



Powered by Cranium Softworks - CMS, Subscription Mgmt & Web Development

 

SS