If you use a part of your home exclusively as your home office, you might be able to write off the expenses on your tax returns up to $10,000 if you don’t show a loss. You don’t have to live in a specific type of home and the deduction applies to both homeowners and renters.
The Tax Cuts and Jobs Act made it a lot easier for self-employed taxpayers to deduct their home office expenses. It doesn’t cause the red flag most people assumed, and it typically doesn’t cause more issues when you sell the home.
Here’s what you must know about deducting your home office expenses.