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- Mortgage Insurance for a Home Office in 2022
Mortgage Insurance for a Home Office in 2022
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TaxGuyBill
Level 15
10-28-2022
03:53 PM
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The provision to treat Mortgage Insurance as Mortgage Interest expires for 2022.
While there is a good chance Congress will do their traditional retroactive renewal, let's say it is NOT renewed.
Is it still a deduction on 8829 for a Home Office for 2022? It wouldn't be listed as mortgage interest, but to me it still seems like a business expense (perhaps an "other" deduction on the 8829).
The 2022 Draft instructions for 8829 just say it has expired, but nothing else about it.
Any thoughts?
P.S.: I normally wouldn't care until January, but I specifically need to figure this out in the next couple of days.
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3 Comments 3
taxes96786
Level 9
10-28-2022
05:56 PM
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IMO it would be an 8829 expense divided per year then allocated % of business use of home.
Taxes-by-Rocky
Level 7
10-30-2022
12:08 PM
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First and foremost, I would treat it as business insurance and go at it that way.
You might look back to a year when such extender was not granted and see what the 8829 instructions said at that time.
BobKamman
Level 15
10-30-2022
02:12 PM
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Wouldn't some of it depend on the purpose of the mortgage? Was it a refinance so money could be pulled out to buy a boat, or pay tuition? And how about the interest itself. Is it limited on Schedule A, because of the amount? But do those limits also apply to Form 8829?
Not a big issue for me because clients who don't want to claim the standard allowance, I send down the street. But in these parts, it usually doesn't make much difference.
