The tax deadline got me thinking about the 2020 tax year. If we’re working from home for the majority of 2020, is our home office expense deductible? If yes, how should we report it in the 1040?

like
Posting as :
works at
You are currently posting as works at

The restrictions are pretty rigid and deductions narrowed under trump. Unless they specifically make a new credit allowance due to the pandemic chances are you won't be able to claim it.

like

My partner is a lax attorney. He tells people all the time not to mess with this, as it’s the #1 way the “average person” gets audited. Agreed with the above poster to get a CPA or special professional, attorney involved

like

I’m so sad they’re not really a lax attorney. I mean, bro, it’s like, totally not legal.

funnylike

If you're going to take this deduction, use a CPA to make sure it's done right come tax time. This particular line item is a flag for IRS audit so good to make sure it is done properly rsther than guessing.

like

You can only take a home office expense deduction if you are self-employed. Are you self-employed?

likehelpful

Being creative when filing taxes is a great way to get audited

like

I don’t think you CAN do that, but I agree that now and moving forward with expanded WFH we SHOULD be able to.

like

The new trump tax law took away home office expense deduction. Unless you’re running your own thing ofc.

like

Have your company work it into your salary. I should have squeezed more out of my severance.

like

Partners are self-employed and could technically take a home office expense if there is no physical office open, but it’s just not worth it because of the red flags above. It’s even more difficult to prove a wage employee need a home office and the deduction is not even worth the extra scrutiny.

There is no home office deduction unless you are self employed.

Related Posts

What all methods to save tax on a 22 LPA salary (fixed including PF both employer and employee) apart from standard 80C, NPS, insurance and home loan, etc

like

Thoughts on reducing 401k % during this bear market slash recession?

funny

On average, what % of your lifetime savings should be directly in the market (MFs and ETFs)? This is excluding 401k, Roth IRA etc

like

What do I need to do to make a few million $ by 35?

likefunny

City inspectors are now going around inspecting buildings because a lot of the buildings are empty so if your building is pretty much empty they will give you a tax credit

like

Can partners at EY consulting buy as much equity as they desire?

like

Hi fellow fish need some advice.

I'm planning a wedding and wondering if I should apply for new credit cards to maximize on points. If so, wondering what your recommendations are and or if there are new cards out there I haven't heard of yet. For context I probably have another 20k+ in expenses to pay still and my current cards are:

CSP
Marriott Bonvoy Boundless
Citi double cash
Random card (used to be uber)

like

Experts - I understand tha LEAPS help with liquidity amd magnify the returns but I am unclear what are the tax implications (Fed LTCG and state tax) when you are ITM and exercise LEAPS. Can someone shed some light on tax implications of the LEAPS? Thanks.

like

I have been searching for a travel card for months. I am a young guy who is looking to take advantage of credit and earn points at the same time. Cap One just released an interesting new premium travel card with a lot of seemingly good perks (Venture X). I also looked at the CSP and the Southwest Priority card. My girlfriends family has Southwest and swear by it, with companion pass being the differentiator. I am in the DMV area and have mostly flown Jet Blue or Southwest. Any thoughts on this?

like

Anybody in here trade options? I trade Iron Condors and have been having success with that but would love to hear what other people have been doing

like

“It turns out that wealth does trickle down, you just have to make them bleed first”

I guess they didn’t like bleeding so they’re trying to manipulate the markets in their favor AGAIN.

Post Photo
like

Any REIT ETFs that people like?

like

Coin a buy ?

like

Do you know what is the salary range for a Senior Manager II at Walmart Home Office?

like
like

💳Credit card help💳 Starting a new job in two weeks. The new company does not give a corporate card, so I get to pick my own. If things were normal and I was traveling / spending as usual, getting the CSR or AMEX platinum would make sense. But with things the way they are, what should I do? Work related expenses will be minimal, but Im moving/furnishing an apartment so personal spend will be decent. TIA!

likehelpful

Thoughts on buying a house now? Lease is up in January. Can finally afford to buy. But would it be better to wait until next year in case of recession -> foreclosure market -> better deals? WDYT

like

For tax purposes can I select which "lots" I sell? I'd like to harvest some ST losses to offset some other realized ST gains.

like

Anyone here tryna go into impact investing?

like

Received less salary this month also. (Same amount as last month)
Why is this happening? Too much tax 🥵

like

More Posts

Rough TC benchmark for mid level corp dev (mix of m&a and strategy) role at a midsize private co in Toronto?
Lots of data on US corp dev TC, but not much for Toronto

likehelpful

🐟 in NJ - Any trusted tax advisors around Newport/Journal Square?

Recommendations on how to simultaneously pay off student loans and invest?

like

Thoughts about Georgetown? Looking to buy and wondering what the current and future outlooks are in terms of growth

like

Do NOT claim you are "colorblind" in the workplace. 1. DE&I knowledge is now a core leadership competency. Colorblind claims will earn you the reputation of being DEI-ignorant at best & racist at worst. 2. Colorblindness within the context of workplace diversity is an obvious lie. You do NOT want to be painted as an intellectually dishonest leader. 3. Colorblind claims signal that you lack the leadership skills & vocabulary to have key conversations. Ask questions here, in this safe space.

Post Photo
likesmart

What are everyone's thoughts on resume services/coaching? I am a leader/exec that was laid off (first time) and have spent over 15 years in various roles such SVP Operations, Senior Director Product, VP Solutions, etc. at different companies.

I am struggling with putting my experience/qualifications on paper...

like

Hi All,
I recived mail from Deloitte USI HR requesting my last 3 months pay slips and filled CTC data sheet and Aadhar, PAN. Does this mean i got through or selected ? I didn't recieve any formal communication whether i am selected or not.

like

Would an MBA be required to switch from Product Management within LS/biotech to Tech (faang or other b2c)?

like

Is attaching communications between opposing counsel and the filing attorney when filing a response to a motion poor form?

like

How much does a performance marketer make?

How do private and charter schools compare to public schools when it comes to accepting and meeting the needs of special needs students? from what I hear, private and charter schools are not legally bound to meet the needs of special needs students.

like

11 likes please to unlock DM.

like

Please give some reactions to this post to help me enable my DM.

like

Is there a telegram group for Axtria Analyst joinees?

New office in Hyderabad??

like

Hi Fishes,
I cleared LTI all rounds and in HR discussion we came on mutual agreement for 16lpa .I have 7 years of experience and they gave me Specialist - Data Engineering(P3) role. And we agreed I will join with after 60 as I had to serve 60 days notice period. I was waiting for offer letter and when I received the offer letter I was shocked to see that CTC mentioned was 14LPA and joining date was only 15days from now ,which is way early.
Continuing the POST (++)

like

Okay, I feel like if a QE in India needs to email me, an SE, to just press the 'resolve' button on a user story that was created after a bug report was issued and fixed, then maybe... Just MAYBE... There might be a bureaucracy problem. 😒

likefunny

Anyone know much about the start up scene in E Africa? I hear a lot of general talk about how it’s ‘booming’ but can’t find much information online. I’m in a weird position where I’m trying to switch into tech but am moving to Kampala for the next year. I am applying now to remote jobs in the U.S. but would love to connect with companies operating in the region.

like

How many years did it take you to get promoted to senior software engineer?

like

My agency is shifting to begin doing quick turn organic social production for a few brands and I’m trying to build a team that can support these asks. Ive honestly never worked at an agency that successfully handled this without it feeling chaotic- anyone ever have a successful team with this type of work? Any advice is appreciated!

likehelpful

Additional Posts in The Worklife Bowl

What was your most played song of 2020? *excluding songs that are or ever were on the top 50 mainstream chart*

Had a scratchy throat yesterday that has since gone, low grade fever all day today (99-99.9). Have felt off and spacey today, and had a headache which went away after taking Advil. Have an appt to get covid testing tomorrow. Test is thru my doc office and they said they’d have results within 24 hrs. Even so, I currently have severe anxiety about all of it. Anyone have advice for how to cope until I know exactly what’s going on with me? I feel like this stress isn’t good for my immune system.

like

Where are you on the chart?

Post Photo
like

Who you taking for the Super Bowl ? KC? Tampa? SF..? NO?...

like

Literally me today 😂 grateful to have a job though...

Post Photo
likeupliftinghelpful

Thankful that we have a wonderful world leader that is helping us find a potential vaccine!

like

Working on a regular desk and my laptop has been killing my back and neck for last few years. Finally spent a couple hundred dollars on a standing desk, wireless keyboard, and back/neck heating pad to alleviate the pain. Very hopeful working will be much better now.

like

Enjoy it while it lasts!

Post Photo
like

Anyone have a good office chair recommendation? Really not trying to spend more than $150 but willing to go to $200 if there is a really good recommendation.

Thanks!

like

Good morning, fish! Don’t forget to drink your water today 👍

likefunny

How do you balance work and fun?

like

What’s your favorite WFH footwear? Any recommended brands for a chilly home office?

like

Please and thank you!

Post Photo
likefunnyuplifting

If you want a great 30 min podcast listen, check out Science vs. PANDEMIC episode. It was made in September of 2019 and is a war of the worlds type show on a pandemic spreading through the world. It even features Anthony Fauci before anyone knew who he was.

like

Taylor swift new album

like

Best podcasts for self improvement?

Loving The Knowledge Project by Shane Parrish right now

like

Confession: I wish I have the confidence of my straight, white, male coworker.

likefunnysmartupliftinghelpful

So recently my SO has been accusing me of being in control of when we are intimate (sex and cuddling). She says that every time she wants to I say no - and whenever I want to - she says yes. So it's by default doing whatever I want when I want. It's a gross exaggeration of what's happening - but does anyone ever deal with something like this? How do you say no to something like that - without your partner thinking you're just looking out for yourself or you're controlling?

like

My wife and I just had our second child, and we have also been dealing with her cervical cancer diagnosis. It has been a stressful year, to say the least. I want to do something nice for her, but money is tight right now because of the cancer treatment costs, and her being on unpaid leave because of the cancer treatments. What is something low cost I can do that will be a nice “couples thing” so we can de-stress, but also make her feel special?

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Scan your QR code to download
Fishbowl app on your mobile

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal