How to claim home office expenses:
It’s my annual Taxes from A to Z series! This time, it’s Tax Cuts and Jobs Act style. If you’re wondering whether you can claim home office expenses or whether to deduct a capital loss under the new law, you won’t want to miss a single letter.Do you work from home? In past years, if you were an employee who worked from home, you could deduct your home office expenses as a miscellaneous itemized deduction on Schedule A.
To qualify for the home office deduction, the part of your home attributable to business must be"exclusively and regularly for your trade or business" and that part of your home must be your principal place of business; a place where you meet or deal with patients, clients, or customers in the normal course of your trade or business; or a separate structure used in connection with your trade or business.
The most common way to calculate the home office expense used to be to pro-rate: simply figure the amount of space attributable to your business and compare with the total. For example, if your home office space is 200 square feet and your home is 2000 square feet, you would claim 10% of your home-related expenses as a home office deduction. for the home office deduction.
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