3 ms·
Another caveat depending on your jurisdiction: where I live, claiming part of your home as a work place excludes it from qualifying as you "residence" for tax p
by zmmmmm 6y ago
Another caveat depending on your jurisdiction: where I live, claiming part of your home as a work place excludes it from qualifying as you "residence" for tax purposes and can mean you get hit with a raft of other complications.
For my case, I claimed 1 room of my house as a home office for 10 years, and then when we sold the house my accountant told me we had to pay a huge sum of money in tax because there is a capital gains tax exemption for your primary residence but 25% of the house now did not qualify for that. I paid something like 5 times as much in capital gains tax as I saved from those minor tax writeoffs over the years.
Also - make sure to check insurance. Costs could be higher or you might even not be covered at all.