Home Office Deduction 2020 Explained

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In this video, we cover:
1. Did the home office deduction go away in 2018?
2. Who qualifies for the home office deduction?
3. What expenses are deductible?
4. What are the two methods used to calculate the home office deduction?

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DISCLAIMER: THIS VIDEO IS FOR INFORMATIONAL PURPOSES ONLY AND SHOULD NOT BE CONSTRUED AS TAX, FINANCIAL, OR LEGAL ADVICE. EVERY PERSON’S SITUATION IS DIFFERENT AND YOU SHOULD CONSULT WITH YOUR OWN FINANCIAL AND TAX ADVISOR FOR ADVICE SPECIFIC TO YOUR SITUATION. COMMENTS ARE NOT REVIEWED

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Can we also the deduct the mortgage part of home office or only mortgage interest ?

Mobile_Gamer-kl

I’m a W2 employee. Very disappointed to find out I can’t expense the items I purchased to work from home. Chairs, webcam, mobile hotspot, and a desk. Never worked from home full time until 2020. Thanks for the video.

Kingjj

Thank you for this information. Very helpful.

illescasf

can you write off home office deduction when you are living with your parents and renting the 2nd floor of the house?

junepark

I work for the superior court of San Francisco and between May to September of 2020, I was working from home at least 3 days a week. Can I claim that or no?

avatarng

Note: we are prohibited by law from providing individual tax or investment advice to non-clients. Please refer to our disclaimer in the video description.

ACapReCap

IRS allows the simplified home office deduction of $5 per sq ft to a max of 300 sq ft (instead of using the regular method).

Is this deduction allowed even if you live rent free, ie with relatives and dont have any home expenses?

donttread

so, based on the $5 / sq ft I would be at around $780 - would that be x 12 on my taxes ?

dannymcse

I have an LLC and I want to enclose my covered back porch and use it as my home office, can the expenses be a tax deduction?

TheHaslemBoyz

wait so we do not qualify even if we are "work from home" employees? full-time work from home? not because of covid

lizeteavila

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