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Itemized Deductions Schedule-A


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Old 02-18-2017, 01:22 PM
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Home office

Company has stop assigning me a work cubical and now work from home, what expenses can I now right off? I don't want to go down home office depreciation path.



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Old 02-18-2017, 11:13 PM
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Company has stop assigning me a work cubical and now work from home, what expenses can I now right off? =>>since you're an employee working at your home, you may be eligible for tax deductions that are unavailable to in-office employees. you use a part of your home for business, you may qualify for a deduction for its business use. You must meet the tests discussed above plus:Your business use must be for the convenience of your employer, andYou must not rent any part of your home to your employer and use the rented portion to perform services as an employee for that employer. If you meet all the requirements to claim a home office, then, you can deduct a portion of your real estate taxes, deductible mortgage interest, rent, utilities, insurance, depreciation, painting and repairs. The total amount you can deduct depends on the percentage of your home used for business as an EE. Your deduction will be limited if your income from your business is less than all your business expenses
Also,aslongas you use your personal vehicle for business travel, or pay for meals and lodging out of your own pocket, those expenses might qualify for a tax deduction.You cannot deduct any expenses that your employer reimburses, of course. If you employer reimburses only a portion of the standard business mileage rate, you can deduct the excess amount per mile. If you have employee expenses to deduct, you report them on Form 2106, , which you attach to your Form 1040.The deductible expenses from Form 2106 are entered on Line 21 of your Sch A.if you do not itemize your deductions, you cannot deduct unreimbursed employee expenses. You cannot deduct the normal costs of your commute, but if your employer required you to use your personal vehicle, your gas costs are deductible and most important, you can only deduct these business expenses to the extent they exceed 2% of your agi. These types of deductions fall under the Miscellaneous Deductions category, all of which have this 2% of AGI limitation.

You need to keep accurate records of any employee expenses you claim as a deduction. The IRS recommends a written record or log book in the event any questions arise about the deductions.



I don't want to go down home office depreciation path.=====> You can also deduct your home office expenses if you were required to work from home to benefit your employer. Deductible home office expenses include your physical home office and business equipment if your employer receives a tangible benefit by having you work from home. However, whether or not you claim the deprecation, it is up to you.



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