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Unformatted text preview: taxpayers (real estate taxes and interest on home mortgage) are deducted first. Other expenses are deductible to the extent of the remaining balance of income. Any excess expenses are not deductible but could be carried forward. ($1,000 gross income less $880 interest and taxes allocation less $120 limited allocation of other home office expenses equals $1,000 home office deduction.)...
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This note was uploaded on 02/21/2012 for the course ACCOUNTING 553 taught by Professor James during the Spring '12 term at DeVry Phoenix.
- Spring '12