The Donna Caissie Team - Oxford, MA Real Estate, Auburn, MA Real Estate, and surrounding towns


If you work from home either full or part-time, you may want to give the home office deduction a go on your taxes. The problem with this deduction is that it can be tricky. 


Are You Eligible?


Your workspace needs to meet the criteria for business use. You need to use your work space regularly and as your principal place of business. If you don’t work from home as a self-employed individual, your employer must require you to work from home due to a lack of office space or other circumstances. The keywords in this part of the clause are “exclusively, regularly, and must.”


First, you’ll need to calculate the percentage of your home that’s used for business. This means that if your office is 100 square feet and your home is 1,000 square feet, you use 10% of your home for business. If you own the space you’re living in, you can deduct 10% of the mortgage interest that you pay each month. Keep in mind that you can’t double dip either. This means the amount of mortgage interest that you deduct on other parts of your taxes is reduced. If you rent your home, you’d deduct the percentage off of your monthly rental payments. 


Home Office Maintenance


If you own your home, you are able to deduct a portion of your property taxes, insurance, utilities, maintenance, and other expenses that are associated with your home office space. These expenses vary because some are direct such as the expense of you painting your office. Others are indirect. Home insurance applies to your entire home, so you would only apply a portion of that to a deduction. For the direct expenses, you are able to deduct the entire cost. 


For the indirect expenses, you’ll go back to applying the percentage of your home that is used for work. This means if we’re working with a 10% figure, you are able to deduct 10% of your utilities, 10% of your home insurance premiums, and so on.


If you rent, you can still deduct many of the same things that homeowners can from your taxes for a home office expenditure. The only thing that you’ll lack as a renter is the ability to write off things like mortgage interest, property taxes, and homeowner’s insurance. Know that you’ll be able to write off a portion of your renter’s insurance. 


The Complicated Stuff: Depreciation


You are able to depreciate the value of a home office as your home ages. It’s not always necessary to do this, so you should consult your tax professional before you decide to make this type of deduction. Equipment in your office, such as your computer, can be claimed as a depreciation over time as well. 


The important thing when it comes to your home office tax deduction is to do your homework. You don’t want to miss out on important savings!


This Single-Family in Oxford, MA recently sold for $310,000. This Ranch style home was sold by Donna Caissie & Sandra Terlizzi - Emerson Realtors.


61 CHARLTON STREET, Oxford, MA 01540

Single-Family

$309,900
Price
$310,000
Sale Price

8
Rooms
3
Beds
1
Baths
NEW Deck, NEW Roof, NEW 3 Bedroom Septic! Bonus 20 X 10 heated room in the back of the home with french doors, loads of sunshine and the perfect retreat for your family to gather, with a nice view of the level back yard and private deck space. Get ready to plant your garden or have some lovely deck flowers!!! This home offers a wonderful size living room with working fireplace and another family room in the lower level with a fireplace. This is a nice 3 bedroom Ranch home. Oil heat with new oil tank. Vinyl replacement windows. Plenty of off street parking. Close to 395, center of town, Hodges Village walking trails and shopping.

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This Condo in Grafton, MA recently sold for $479,900. This Townhouse style home was sold by Donna Caissie & Sandra Terlizzi - Emerson Realtors.


5 NORTHGATE COURT, Grafton, MA 01536

Condo

$469,900
Price
$479,900
Sale Price

6
Rooms
3
Beds
2/1
Full/Half Baths
Absolutely gorgeous and well maintained 3 bedroom condo with two fabulous floors of living space. End Unit, 2 car garage, a beautiful entry area into the home with a guest closet and lovely half bath nearby. Gleaming Hardwood floors as you enter, and they flow into the kitchen, DR area, and up to the stairs to the 2nd level. Newly remodeled kitchen has a functional design. Sunny bistro area with tasteful decor of black quartz counter tops, recessed lighting, SS appliances with complimentary white cabinetry. This space overlooks the DR and vaulted living room with a gas fireplace. Private deck area with pergola. Master Bedroom Suite on the 1st floor! The upper level has a super loft area that would make a great in home office space, and 2 wonderful size bedrooms with ample closet space. Central air, central vac, Natural gas heat. Basement storage. 20 Unit complex, professionally managed. Pet friendly. Minutes to MA Pike and shopping.

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Photo by Mostafa Safadel on Unsplash

The penthouse is the pinnacle of real estate in many markets -- and places like New York and Miami -- have plenty of options to choose from. It's easy to get caught up in great decor or fall in love with a view, but there are other considerations as well. Here's what to think about when you shop for a luxury penthouse unit. 

Expect to Pay  a Premium: Most penthouses are priced above similar sized units in the same building, so be prepared to spend a little more for that amazing view and those amenities. A single penthouse spanning the top floor will command more of a premium rate than one that shares the floor with one or more other units. 

You Can Still Negotiate: While a penthouse will command a higher price than any other unit in a specific building or location, you can and should negotiate the best deal. In cities with a glut of inventory in this price range, you may be able to secure a better price, simply by presenting the right offer. Your real estate agent can help you determine how flexible a price is and what fair market value is for a home you are considering. 

Inventory Impacts Price: In high-rise dense cities like New York, there are always penthouse properties available. Outside of cities, though, you may have fewer options  In vacation and resort areas with coveted views, there are only a small number of penthouse properties to begin with, and they are not all on the market at the same time. Act swiftly if a property you truly want becomes available to avoid missing out. 

Visit at All Hours: If you will live in the penthouse property, you should visit it during the day, at night and on weekends. Because this property is near the roof, it may also be near HVAC and elevator equipment -- these can get noisy when in heavy use. Newer penthouses have insulation and soundproofing, but older ones may not, so the home could be noisier than you expect when everyone else in the building is home. 

Is the view guaranteed? A building that faces the ocean and is directly on the beach will have a view that is not interrupted by future construction, but not all penthouses fit this description. You should be aware of zoning and building possibilities -- could a taller building be placed in front of yours -- disrupting your view? Your agent can help you discover if this nightmare scenario is a risk factor in any home you are considering. 

Buying a penthouse is different from other luxury property purchases, because the view and position of the home offer so much and contribute to the price. Be aware of the setup of the building and its location -- and be ready to move if a penthouse becomes available in a market with scant inventory. Your real estate agent can watch for new listings and help you be first in line to view new luxury properties as they arrive in the marketplace and ensure you don't miss out on the home of your dreams. 



26 MARWOOD ROAD, Worcester, MA 01607

West Side

Single-Family

$310,000
Price

5
Rooms
2
Beds
1
Baths
Move right in to this Westside Beauty with an immense amount of curb appeal and character! The home is warm and inviting. Get cozy in the living room with the charming corner fireplace that offers a New Gas insert. There are gleaming HW and tile flooring within the home! Updated kitchen in 2018 to include: quartz countertops, tile flooring, recessed lighting, stove hood and the popular white cabinetry. Entertain your friends & family in the generous sized DR or out on your recently updated stone patio with a cottage flair! Freshly painted in all rooms. Spacious bedrooms! The bathroom was recently gutted and remodeled! New Driveway! Electrical 2014. The gas boiler is 2014 and there is a new gas water heater. Excellent side street with a neighborhood full of pride of ownership. Close to everywhere you need to be. Highway, restaurants, shopping. This is the one!
Open House
Sunday
June 06 at 11:00 AM to 1:00 PM
Appointments can be booked all day long! Please feel free to send your buyers, agency honored. Best, Donna
Cannot make the Open Houses?
Location: 26 MARWOOD ROAD, Worcester, MA 01607    Get Directions

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