Level 15

Mortgage Insurance for a Home Office in 2022

Forum|Forum|3 years ago
October 28, 2022
3 replies
19 views

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.

ProSeries Basic

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T

taxes96786

Level 8

IMO it would be an 8829 expense divided per year then allocated % of business use of home.

Taxes-by-Rocky

Level 7

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

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.

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