Millions of Americans began working remotely or from home during the coronavirus pandemic. But who is able to claim the home-office tax deduction?
There are some parameters when it comes to who is eligible for the home-office deduction, even though millions of Americans worked from home in 2021 due to the ongoing coronavirus pandemic.
There may be some confusion, as the home-office deduction was previously allowed for employees. The Tax Cuts and Jobs Act of 2017, however, banned such workers from taking the deduction from 2018 to 2025. It's also possible to take only part of the deduction. For example, if you left a 9-to-5 job, started your own business in 2021 and use your home as your primary office space, you may be able to claim the deduction for part of the year, according to Wilson.There are two ways eligible taxpayers can calculate the home-office deduction.
The regular version of the deduction is a bit more complicated, as you must keep track of all your actual expenses. You can write off up to 100% of some expenses for your home office, such as the cost of repairs to the space.
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