Regarding possible claiming home office to benefit on NY return:-
1) I rent my home. That is far and away the largest or only expense . Can I deduct the part of the rent that covers the 1/4 of my home , a separate room , that I use only as an office during Covid ( we were told not to come into the office ). Even though before Covid I had the same home and rent to pay but used that room as a spare room. ? If yes should I be cautious and only deduct 5/7 of the rent attributed to the room since there are five working days in a week
2)Most of my friends in my position with accountants did not expense home office and one was told “ you already deduct property tax at NY state level ….” I was getting worried as to why I seem to be the only one among our friends who felt deducting home office would be very valuable and now I’m thinking it is because I am the only one of our group who rents in the city and with the rent of over $5000 a month being able to deduct 1/4 of that would be extremely valuable. In contrast for those who own deduct property taxes there is not much more to deduct really ? Is that a reasonable conclusion ?
in short seems to me for someone who pays high rent deducting the appropriate portion of rent that covers a separate room used as an office is almost the most valuable aspect of home office deduction Can you comment and confirm if so doing is allowed given the room was there and rent to be paid before Covid when I did not deduct it of course!
