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Irs home office deduction work from home. Done properly this deduction can reduce your taxable income substantially generating a tax savings. Requirements to claim the home office deduction. The home office deduction form 8829is available to both homeowners and renters. Under the simplified method you deduct 5 for every square foot of space in your home used.
The easiest way to calculate your home office tax deduction is called the simplified method the irs allows taxpayers to deduct 5 per square foot up to 300 square feet of home used in carrying. Regardless of the method chosen there are two basic requirements for your home to qualify as a deduction. If you use part of your home exclusively and regularly for conducting business you may be able to deduct expenses such as mortgage interest insurance utilities repairs and depreciation for that area. This deduction is frequently abused but on the other hand often overlooked.
Principal place of your business. You need to figure out the percentage of your home devoted to your business activities utilities repairs and depreciation. The short version is that if you are a w 2 employee you are no longer able to benefit from the home office deduction even if you work from home full time. Regular and exclusive use.
A word of caution. The home office deduction allows you to deduct a portion of the cost to run and maintain your home as a business expense. If you re working from home for part of the year you only include expenses incurred during that time. You must regularly use part of your home exclusively for conducting business.
Regular and exclusive use. Currently you need to have.
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