Yes, you can deduct expenses related to a home office if you're self-employed. As per the current laws, the IRS allows self-employed individuals to deduct home office expenses related to the business use of a portion of their homes. These expenses may include mortgage interest, property taxes, rent, utilities, and other related expenses.
However, there are limitations and exceptions to this deduction. The home office must be used regularly and exclusively for business purposes, and it must be the principal place of business or where the taxpayer meets clients or customers. Additionally, the deduction is limited to the net income earned from the business, and any excess expenses cannot be carried over to the following year.
If you want to claim the home office deduction, you'll need to file Form 8829, Expenses for Business Use of Your Home, with your tax return. It's important to keep accurate records of all the expenses you're planning to deduct to avoid any potential issues with the IRS.
It's also recommended to consult with a licensed tax professional before taking any deduction to ensure compliance with current laws and regulations.
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