If you work from home and/or are self-employed, you’ll likely want to claim the home office deduction on your taxes this year.
This assumes that you first, have a dedicated home office. Sitting with a laptop on a couch doesn’t qualify. It needs to be a designated area. Having a separate room is best.
Among the things you can deduct are office supplies, rent, utilities, insurance, painting and repairs, depreciation, real estate taxes, and deductible mortgage interest.
If you split the rent with someone else, only report the rent and square footage for the amount you to which you contribute. So if your apartment is 500 square feet, your rent is $2000, and you split it with one other person, report the square footage as 250 and your rent as $1000.
At least that’s what our accountant told us. — BEN POPKEN