As the tax deadline approaches, homeowners should review their financial records for potential deductions, including homeowners association (HOA) dues. While HOA fees are typically not deductible for primary residences, they can be partially or fully deducted if the home is a rental property or has a dedicated home office. Special assessments may also influence tax liabilities regarding capital gains. It's crucial for remote workers and landlords to understand these conditions, as they can significantly enhance tax returns.
If you use part or all of the home for business purposes such as a rental or a home office, you may be able to deduct some or all of the HOA fees.
The space must be used regularly and exclusively for business purposes-a corner of your kitchen table doesn't count.
Collection
[
|
...
]