Yes, you may deduct your home office expenses on your taxes if you use a portion of your home solely for business purposes and it meets certain criteria. The home office must be the principal place of business or used regularly and exclusively for administrative or management activities related to your business or work as an employee.
To calculate the deduction, you can use either the simplified method or the regular method. The simplified method allows you to deduct $5 per square foot of your home used for business up to a maximum of 300 square feet. The regular method requires you to keep track of specific expenses related to the home office, such as mortgage interest, rent, utilities, repairs, and depreciation, and then calculate the percentage of those expenses allocated to the home office.
It is important to note that the IRS has strict rules about what qualifies as a home office and expenses that can be deducted. You should consult with a tax professional or a licensed attorney if you have any questions or concerns about your deduction. Additionally, if you are self-employed or a freelancer, you may be required to file a Form 8829 to claim the home office deduction.
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