Coronavirus Tax Filing & Payment, Federal Tax

Can I Claim a Home Office Tax Deduction?

With millions of taxpayers working from home due to COVID-19, many people may be wondering about the possibility of claiming a home office deduction on their 2020 tax returns. In a tax tip, the IRS lists several points about qualifying for the home office deduction, including the fact that employees aren’t currently eligible. However, self-employed renters and homeowners who are otherwise eligible can claim the deduction. Deductible expenses include mortgage interest, insurance, utilities, repairs, maintenance, depreciation and rent. Taxpayers must meet certain requirements to deduct home expenses, and the amount deductible may be limited. Here’s more from the IRS. For questions, contact Cg. © 2020