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The home office deduction allows qualifying taxpayers to deduct certain home expenses on their tax return. With more people working from home than ever before, some taxpayers may be wondering if they can claim a home office deduction when they file their 2020 tax return next year.
Here are some things from the IRS to help taxpayers understand the home office deduction and whether they can claim it:
For purposes of this deduction the term “home”:
There are two basic requirements for the taxpayer’s home to qualify as a deduction:
Expenses that relate to a separate structure not attached to the home will qualify for a home office deduction. It will qualify only if the structure is used exclusively and regularly for business.
Taxpayers who qualify may choose one of two methods to calculate their home office expense deduction:
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