Five Most Overlooked Home-Related Tax Deductions

Homeowners can deduct a percentage of their home’s costs proportionate to the percentage of the home that they are using as a home office. For example, if you use 10% of your home as a home office or to run a home-based business, that means you could deduct, for instance, 10% of electrical bills. You can also deduct for repairs, renovations, furnishings or other expenses related to the home office space.