Hi,
I have some questions about tax deductions.
- I am a first-time home buyer. I understand there is a 00 tax credit formatting linkI will be eligible for in2008 tax return. I plan to buy within the next 6 months. Are there anyother deductions/credits available as a first time home buyer? Themove will be in-state and the property would be about 5 miles fromwhere I currently live.
- I teach in a university. During the semester, I am in the university 2-3 days out of the week (when there are classes). The rest of the time and during the summer (3 months), I work on my research in my apartment (I have setup a small mini-office). Are there any deductions I can make for using a part of my home space as an mini- office? Note that I am not self-employed nor running a business. During the day, I'll work on my research, do university work (answer emails, prepare documents) etc etc in my home-office. At the night, I might see a movie on the computer (located in the home-office).
For example, I read somewhere you can deduct a certain portion of utility bills (my home computer is on 24/7 and it is a power hungry machine (Mac Pro). I do notice a significant reduction in my electric bill when this machine is turned off for a month (or only used say 2-3 hr/day)). Are there any other deductions I can make here?
Thanks for any information.