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I am a W-2 salaried employee. I work from my house (lucky yes). I have what the IRS calls unreimbursed employee expenses from a home office, which I deduct a small portion of rent/utilities/modem/renters insurance. They are indirect expenses listed on 2106.
I didn't take the deductionin 2008. I took it in 2009. If it is beneficial to deduct the home office, I will. If not, I won't. These aren't "extra expenses." I already incur them associated with where ever I live regardless if I actually take the deduction or not. I work from a home office.
My question is this. How exactly is UW going to figure DTI for this? I provided a LOE with the file, basically saying that I have a home office. I pay rent to live there. I pay for modem access and certain utilities. It is basically an effect of net zero.
EDIT* I am editing because I just found some infomration that apparently, you can add back home office to the income?
Last edited by briesmom; 07-25-2010 at 07:22 AM..
Reason: Found more inforamtion
1883 home office-recurring
1320 phone and internet-recurring
1656 cell phone-recurrning
650 uniform and dry clean-not recurring-at home 100% now
167 travel-not recurring
I found this in the VA Pamphlet:
[SIZE=3]Job Related Expense[/SIZE]
Include any costs for child care, significant commuting costs, and any other direct or incidental costs associated with the applicant’s (or spouse’s) employment. Check this item if total job-related expenses are significant.
Direct or incidental cost associated?
Having rent and utilities, phone/internet, and cell phone is not a directly related or incidental cost to my employment. These are things that I will always incur.
I already found my answer. I will have to deduct it as a debt or obligation. BUT, what if I don't claim this in 2008, but do claim it in 2009. Do they take a 24 month average? If so, yay. If not, uh oh..
I hear ya, I was supposed to hear from lender late today, almost 6pm and not heard from them and do not anticipate hearing from them until tomorrow now. I just wish if something is not complete but you tell me you will let me know, that at least touch base with me so I can not stress all evening over it.
Thanks, same to you! Actually in about 45 min a nice cold beer will be going in my system, as we are clearing out our fridge and do not want to move food/beverages haha.
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I already found my answer. I will have to deduct it as a debt or obligation. BUT, what if I don't claim this in 2008, but do claim it in 2009. Do they take a 24 month average? If so, yay. If not, uh oh.. 
