Head of Household filing status is for taxpayers who are unmarried or considered unmarried and who provided more than half the cost of maintaining a home for a qualifying individual. The taxpayer must live in the home with the qualifying individual for more than half the year, unless the qualifying individual is the taxpayer’s mother or father. If a dependent parent does not live with the taxpayer, the taxpayer must have furnished more than half the cost of maintaining a home that was the main home of the parent for the entire year.
A loss from a not-for-profit activity. Losses from a hobby are not deductible from other income.
The length of time investment property has been held. If you sold or traded investment property, you must determine your holding period for the property. Your holding period determines whether any capital gain or loss was a short-term or long-term capital gain or loss. To determine how long you held the investment property, begin counting on the date after the day you acquired the property. The day you disposed of the property is part of your holding period.
Home Office Expenses
If you use a part of your home regularly and exclusively for business purposes, you may be able to deduct a part of the operating expenses and depreciation of your home. You can claim this deduction for the business use of a part of your home only if you use that part of your home regularly and exclusively: (1) as your principal place of business for any trade or business; (2) as a place to meet or deal with your patients, clients, or customers in the normal course of your trade or business; or (3) in the case of a separate structure not attached to your home, in connection with your trade or business.
A nonrefundable education credit of up to $1,500 per eligible student that is available only until the first two years of postsecondary education are completed and only for two years per eligible student. Student must be pursuing an undergraduate degree or other recognized educational credential and must be enrolled at least half time for at least one academic period beginning during the year.