You may be able to claim the home office deduction if your office is used regularly and exclusively for your business and is your principal place of business. In addition, if you're working at home for an employer, your home office must be for the convenience of your employer – not just you.
If you qualify based on the above, and if you are employed rather than self employed, home office expense is considered an employee business expense.
To deduct employee business expenses, you must have enough itemized deductions (ie. Medical, mortgage interest, property taxes, charitable giving, ect) to exceed your Standard Deduction. If you itemize, your deduction is limited to the extent that it exceeds 2% of your Adjusted Gross Income.
So, you may not gain a tax benefit from deduction.
To report home office deduction in TurboTax:
Click My Account (Top right of your screen).
In the pop up window, select Topic Search.
In the search bar, type in 2106
- Highlight it and select GO, and follow the prompts.
Can I take the home office deduction?
The Home Office Deduction
Still have questions?Make a post