Can I Write Off Home Office & ADU Expenses on My Taxes?
Description:
Join your host Daryl Jones as he delves into the world of tax benefits for homeowners with guest expert Pat Leung, a seasoned tax professional. In this informative discussion, they explore the various tax deductions available to homeowners and how these deductions can help lower overall tax bills. Pat shares valuable insights on mortgage interest deductions, property tax write-offs, home office expenses, and more. Whether you're a current homeowner or aspiring to own a home in the future, this episode will provide you with essential knowledge to make the most of the tax benefits associated with owning a home.
Episode Highlights:
- Understanding the tax benefits of owning a home compared to renting
- Exploring deductible expenses for homeowners, including mortgage interest and property tax
- Discussing home office deductions for self-employed homeowners
- Explaining the rules and limitations for deducting home improvements
- Uncovering special considerations for Airbnb and vacation rental property owners
Key Questions Asked:
- What are the tax benefits of owning a home compared to renting?
- How can homeowners take advantage of mortgage interest and property tax deductions?
- What are the rules and requirements for deducting home office expenses for self-employed homeowners?
- How do you determine which home improvements are eligible for tax credits or deductions?
- Are there any special tax considerations for homeowners who rent out their property on platforms like Airbnb?
Guest Information:
Pat Leung of Leung Tax Consulting
Phone: (949) 430-0338
Please note that the episode provides general information and listeners are advised to consult with a tax professional for personalized advice based on their specific circumstances.
Contact Darryl:
Darryl & JJ Jones Real Estate
Email: darrylandjj@gmail.com
Phone: (714) 713-4663
