Tax Changes Prohibit Many from Claiming Home Office Costs
Working from Home During the Pandemic? You Probably Can’t Deduct Your Expenses
If you’ve been working from home during the COVID-19 pandemic, you’re not alone. One of the side effects of this global health crisis has been an unprecedented experiment in forced remote work for the masses. While most states are beginning to open back up, social distancing policies are still encouraged, meaning many taxpayers are still working from home in this “new normal” we’re becoming accustomed to. In fact, a recent survey shows that 43 percent of Americans hope to continue working from home at least part-time when the pandemic subsides.
If you’re one of the millions clocking in from the comfort of your own home each day, you may be wondering whether you can take advantage of the home office tax deduction. In the past, employees who worked from home could deduct home office expenses like computer equipment and office furniture as a miscellaneous itemized deduction on line 21 of Schedule A. However, that rule has changed.