Since 2017, employees have not been eligible to take an itemized deduction for a home office. The Tax Cuts and Jobs Act suspended all miscellaneous itemized deductions for tax years 2018 through 2025.
DESIGNED FOR
Accounting and finance professionals who need to know about the deductibility of home office-related expenses.
BENEFITS
- Understand the rules relating to taxpayers who are entitled to deduct expenses associated with a home office
HIGHLIGHTS
- Calculating the home office deduction
- Actual expense method
- Simplified expense method
- Definition of a home for purposes of the home office deduction
- Whether working-from-home employees can claim a home office deduction
- What is a “separate, identifiable space?”
- The “regularly and exclusively used” rule
- Defining a “principal place of business”
- Meeting clients, patients, and customers
- More than one trade or business
- Special rules that apply to daycare providers
- Separate, free-standing structures
- Depreciating the home
ADVANCE PREPARATION
None