Is My Home Office Tax Deductible?

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     Answer the question for tax planning

• IRS suggested Publication for your own research

“Build your own dreams, or someone else will hire you to build theirs.” –Farraj Gray

"Is my new home office situation tax deductible?" This has been a frequent question lately, as many work from home.

Short answer: if you are a wage-earning employee ... sadly, NO.

If you are a business owner (or a new side-hustle proprietor, tax strategy) ... YES, with qualifications.

1. The home office must be used exclusively for conducting business regularly

2. The home office space must be your principal place of business.

There is some leeway on that second qualification and these rules underwent some changes from the TCJA (which seems so long ago), so the IRS put together a flowchart to help us understand. Go to IRS dot gov and look for Publications, then find: 587.

To your family's lasting financial and emotional peace.

BE THE ROAR not the echo®

Warmly, Janet, the Tax Wizard