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mpmusicny
09-05-2005, 07:23 PM
Hi again,

I've been happily (and legitimately :)) writing off a portion of my living space over the years for my music composition business, as a renter. i'm starting to look into possibly buying a place of my own. i live in NYC, so it's nearly all condos and co-ops, and i was wondering if i can take the business portion of the monthly condo fees as a business use of home expense? These fees go towards utilities, a partial business espense but are also often used to pay property taxes, which would be an itemized deduction if paid directly. I've not been able to find any info at all in the IRS docs about this.

On a related note, some websites seem to be implying that you can deduct the business portion of your mortgage payments. I always knew that mortgage interest was deductible (itemised) but not the principle. is this correct?

thanks, malcolm