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Since we are all working from home these days...do we get to write off the work space
Posted on 12/18/20 at 5:29 pm
Posted on 12/18/20 at 5:29 pm
on our taxes this year? CPAs chime in.
This post was edited on 12/18/20 at 5:29 pm
16
Posted on 12/18/20 at 5:31 pm to WildcatMike
I was thinking about this earlier....my utility bills are higher and I paid to get faster internet, too.
Posted on 12/18/20 at 5:33 pm to WildcatMike
It usually requires that the area you work in (ie home office) be used solely for that purpose. That is how it is if you run a home business, anyway.
This post was edited on 12/18/20 at 5:35 pm
Posted on 12/18/20 at 5:34 pm to LegendInMyMind
quote:
usually requires that the area you work in (ie home office) be used solely for that purpose
It was in my case.
Posted on 12/18/20 at 5:35 pm to WildcatMike
If you itemize your deductions, I don’t see why not
Posted on 12/18/20 at 5:35 pm to WildcatMike
Not if you’re employee.
If you’re self-employed, maybe.
If you’re self-employed, maybe.
Posted on 12/18/20 at 5:37 pm to Cockopotamus
quote:
Not if you’re employee.
If you’re self-employed, maybe.
I was figuring it would be something like this. I don't agree with that, though. There's more cost to the employee than at first glance, like the need for faster internet mentioned earlier. I'm assuming the majority of employers don't help offset that cost in any way.
This post was edited on 12/18/20 at 5:39 pm
Posted on 12/18/20 at 5:41 pm to WildcatMike
That standard deduction tho.
Posted on 12/18/20 at 5:41 pm to WildcatMike
If you use part of your home for business, you may be able to deduct expenses for the business use of your home. The home office deduction is available for homeowners and renters, and applies to all types of homes.
If you want to read up on what qualifies, knock yourself out.
IRS Business use of home
If you want to read up on what qualifies, knock yourself out.
IRS Business use of home
This post was edited on 12/18/20 at 5:47 pm
Posted on 12/18/20 at 5:42 pm to WildcatMike
I've been working from home for quite tears. You could do this in the past, but no longer. It really wasn't much deduction any way
This post was edited on 12/18/20 at 5:43 pm
Posted on 12/18/20 at 5:50 pm to dgnx6
quote:
If you use part of your home for business, you may be able to deduct expenses for the business use of your home. The home office deduction is available for homeowners and renters, and applies to all types of homes.
This was true prior to the tax cut. That legislation eliminated the deduction for employees itemizing home office expenses. Self employed can still take the deduction.
Posted on 12/18/20 at 5:52 pm to JustSmokin
Thanks y’all for the info.
Posted on 12/18/20 at 5:57 pm to Bucktail1
Actually I think you are right. They stopped the employee deductions. You'd have to be self employed.
Hmm, well that's some shite. But it's crazy to me because essentially yall would fall under regular use of home for business. Yeah your company has a building elsewhere, but all of your work is done regularly at home.
Hmm, well that's some shite. But it's crazy to me because essentially yall would fall under regular use of home for business. Yeah your company has a building elsewhere, but all of your work is done regularly at home.
Posted on 12/18/20 at 6:00 pm to WildcatMike
You might be able to, to some extent, but the rules are very strict about how it all has to be set up and in some ways segregated from your home (though it's part of) your home. You can't just claim your entire mortgage as a business expense and what you can claim had better be fricking well documented in case the IRS comes calling.
In any case, the juice likely ain't gonna be worth the squeeze. You'll probably go through all the hassle of figuring it out only to fihd out the standard deduction being larger if you don't have some other itemized deductions in addition to itemizing the costs of working from home.
In any case, the juice likely ain't gonna be worth the squeeze. You'll probably go through all the hassle of figuring it out only to fihd out the standard deduction being larger if you don't have some other itemized deductions in addition to itemizing the costs of working from home.
This post was edited on 12/18/20 at 6:04 pm
Posted on 12/18/20 at 6:04 pm to WildcatMike
I’d be careful with that. Home office is a huge red flag for the IRS.
They will audit your arse.
They will audit your arse.
Posted on 12/18/20 at 6:14 pm to Spankum
quote:
I was thinking about this earlier....my utility bills are higher and I paid to get faster internet, too.
How does this compare to your normal vehicle usage both on gas and wear and tear? Did your car insurance company give you a discount as well?
Posted on 12/18/20 at 6:19 pm to WildcatMike
Yes, I do.
Posted on 12/18/20 at 6:21 pm to Cockopotamus
quote:
Not if you’re employee. If you’re self-employed, maybe.
Not true. I am a remote employee for my company and I can write off a percentage of my mortgage and utilities equal to the percentage my home office comprises of the total square footage of my home.
Under the current tax structure, the standard deduction is so high and the itemized deductions cut so much that it doesn't usually work. It did previously.
Posted on 12/18/20 at 6:22 pm to WildcatMike
Be careful - depending on state and local rules that can affect your homestead exemption.
Posted on 12/18/20 at 6:23 pm to Floyd Dawg
quote:
Not true. I am a remote employee for my company and I can write off a percentage of my mortgage and utilities equal to the percentage my home office comprises of the total square footage of my home.
I thought they recently changed that. I itemize and last few years did write off a portion since I work from home a good portion. I hope you’re right and read it wrong
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