Taxpayers preparing to file their 2024 tax returns may wonder if they qualify for a home office tax deduction. Keep in mind that it comes with specific requirements. Employees working remotely at an employer’s request don’t qualify. Self-employed individuals whose homes serve as their principal place of business may be eligible. However, the portion of the house claimed as a home office must be used regularly and exclusively for business. In one case, a married couple claimed a deduction for 40% of their home. The IRS found that only 25% met the business use standard. The U.S. Tax Court agreed (TC Memo 2024-112). To learn more: https://bit.ly/4hBknyP
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