Tax Deductions for home office
My husband and I have both moved to remote working in the last 2 years and have set up 2 home offices to make this work. Can you please advise about how to take deductions for this? Thank you
Terry Says
This won’t be easy. And it won’t be possible if you are W-2 employees. Read this:
Employees who receive a paycheck or a W-2 exclusively from an employer are not eligible for the deduction, even if they are currently working from home,” the IRS said in a September 2020 reminder on the home-office deduction. The Tax Cuts and Jobs Act of 2017 banned such workers from taking the deduction from 2018 to 2025.
And if you are independent contractors, you must have exclusive use of specific space in your home to claim a deduction. I’d suggest using a CPA or TurboTax to get the specifics on how/what can be done. In ordinary times, I’d remind you that the home office deduction is a red flag for the IRS. But these days I doubt that even a charging bull could get their attention –at least not until they get around to questioning it in their own good time!!
