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marniewon 02-08-2011 10:11 AM

Another Mortgage Depreciation Question
 
I thought I read on here that in order to claim any mortgage depreciation I had to continue to live in my home for 5 years? We are moving at some point this year, so does that mean I can't claim it?

TomCopeland 02-08-2011 03:56 PM

Mortgage
 
You should always claim the time-space % of your property tax, mortgage interest, depreciation on your home, and other house expenses. You can start deducting these items as soon as your business begins. You don't need to have to live in your home for 5 years to claim any house expenses. Once you do sell your home you will need to pay tax on the house depreciation you have been claiming since you started using your home for your business.



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