A dependent parent who does not live with the taxpayer may also qualify the taxpayer for the head of household status if qualifications are met. A nondeductible loss arising from a personal hobby as contrasted with a loss arising from an activity engaged in for profit. The period of time property has been owned for income tax purposes. The holding period determines if gain or loss from the sale or exchange of a capital asset is long or short term. Home Office Expenses Expenses of operating a portion of a residence used for business or employment-related purposes.
Several restrictions limit the deduction for home-office expenses.
An individual who performs nonbusiness services for the taxpayer in or around the taxpayer's home. Such services include child and dependent care, house cleaning, cooking, and yard work. The total is divided equally among all family members. Each member's share of household expenses is part of his or her total support. Husband and Wife A status that, among other things, entitles a couple to file a joint income tax return.