Have a Finance Question? Ask a Financial Expert Online.
Hi and welcome to Just Answer! I'm happy to help answer your Finance questions. Feel free to interject at any time if you need clarification.
Since your arrangement to work out of state is indefinite, you would not be able to deduct the travel expenses or your living expenses while away from home. Here is a link to an article from the IRS on business travel expenses. http://www.irs.gov/taxtopics/tc511.html
However, you are able to deduct the mortgage interest and property taxes on the second home of Schedule A of your tax return if you are able to itemize deductions. For 2011, a couple married filing a joint return can itemize if there total deductions exceed the standard deduction of $11,600. Other itemized deductions would include state income taxes, mortage interest and taxes on your first home, charitable deductions, and medical expenses in excess of 7.5% of your adjusted gross income.
If you have any follow-up questions, please feel free to post them here. If not, please hit the green accept button. Thanks!
Any follow-up questions?
I need to study the IRS info in the link you sent me to see if I believe that I am elligible for travel expense deductions. I already deduct the mortgage interest and taxes for my second home. I will get back to you. Thank you.
I need help understanding a company's sales statement.