the home office deduction was available to self-employed workers and people who had a home office for the convenience of their employer. But the TCJA eliminated most miscellaneous itemized deductions, including unreimbursed job expenses such as (you guessed it) the home office deduction. For now,...
» MORE: Popular tax breaks and tax deductions The simplified version If your home office is 300 square feet or less, and you opt to take the simplified deduction, the IRS gives you a deduction of $5 per square foot of your home that is used for business, up to a maximum of $1,...
The biggest roadblock to qualifying for these deductions is that you must use a portion of your home exclusively and regularly for your business. The law is clear, and the IRS is serious about the exclusive-use requirement. Say you set aside a room in your home for a full-time business, ...
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Working from home comes with various benefits, such as no commute and a casual dress code. It can also offer potentially valuable tax deductions for people who qualify.
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Mortgage Points: Discount points (paid to reduce the interest rate) are deductible if used for your main home, while origination points (fees charged by the lender) can be deducted as a business expense or depreciated over the loan’s term. Standard vs. Itemized Deductions: The increased stand...
Depending on where you are, there might be some tax benefits for both parties. Employees could claim deductions for home office expenses, and employers could save on unnecessary costs like brick-and-mortar office space and utilities. So yeah, WFH stipends are a win-win all around. Employees...
interest on up to $750,000 of eligible loans, while married couples filing separate returns can deduct interest on up to $375,000. (These limits apply collectively to all your mortgages and home-related loans, by the way.) You must itemize your deductions to take advantage of this benefit...
into a mixed-use property rather than an investment property. This means that the taxes change with the change of designation—mainly that you can't use passive losses. But you will be able to claim a percentage of the mortgage interest and property taxes as deductions against your income ...