The COVID-19 pandemic has brought about numerous changes in the way we all work and live. Not knowing when – or even if – the virus will be completely gone, our “new normal” going forward may require more working and learning from home.
While the dining room table may be a good temporary place to set up shop, with the possibility of many more months – or even years – of work-from-home and online schooling, is your home equipped for what may lie ahead?
Relocating to a home with an office space could be a viable solution. For instance, in addition to simply having a dedicated space in your home to work from, you could reap some added benefit, as well.
As an example, there are numerous tax-related perks, such as writing off a portion of your mortgage and utilities, as well as various other business-related expenses, such as the purchase of office furniture and equipment.
It is important to note that the home office tax deduction requires that you have a dedicated space that is used exclusively and regularly for business purposes. Likewise, you must not have had access to your remote office space during the period in which you are calculating the tax deduction, due to being locked out of the building or adhering to a government stay-at-home order.
If you’re considering a move to a home that will more closely fit your current and future needs, we can help. We can find properties with the floor plan, square footage, and other key amenities in your desired location. And, if you have a home to sell, we can provide you with a proper listing price, based on comparable properties that have recently changed hands.
So, even if you are just in the initial stages of possibly making a move, give us a call and we will provide you with more details on just how easy the process can be.
Source:
Home Office Deduction During COVID-19. Aronson LLC Assurance Tax Consulting. https://aronsonllc.com/home-office-deduction-during-covid-19/
