A little while ago I was asked an interesting (if arcane) question by a long-time reader of the Tax Reduction Letter.
The gentleman who wrote me recently installed a built-in desk in his home office. He also had a built-in desk installed in a personal (non-business) part of his home.
His question? How should he treat the two built-in desks for tax purposes?
You’ll hear my answer, which may well be of help to you, when you read my new article titled Tax Tips: Surprise Tax Deductions for Built-In Desk.
Three ways our fact-filled article can help you:
- You’ll learn why location, location, location really matters. Tax law treats the built-in desk as either personal or real property depending on where you locate the desk. In business, you want the personal-property classification so you can get the much quicker write offs. You’ll get all the facts when you read the full article.
- We’ll tell you how you win two ways. First, the built-in desk in your home office (business) is personal property eligible for Section 179 expensing. And the built-in desk (in the personal part of your home) adds to basis and reduces your taxable gain on sale. You’ll get the whole story when you read the full article.
- We’ll explain the important “Personal Residence Rule.” The IRS works in mysterious ways. Take, for example, their personal-residence regulations. They’re a bit complicated (no surprise!) but we make them easy to understand as you’ll discover when you read the full article.