Will you be able to claim a home office deduction while working from home due to Covid-19?
With many taxpayers working from home due to COVID-19, you may be wondering about the possibility of claiming home office deductions on your tax return. Unfortunately, employees aren’t currently eligible. However, self-employed homeowners and renters who are otherwise eligible can claim deductions. Deductible expenses include mortgage interest, insurance, utilities, repairs, maintenance, depreciation and rent. Taxpayers must meet certain requirements to deduct home expenses, and the deductions may be limited. Recordkeeping is important. If you think you may qualify, we can discuss it when we prepare your tax return.