Based on current laws and legal precedents in the United States, you may be able to deduct your home office expenses on your taxes, but there are certain limitations and exceptions.
To be eligible for a deduction, your home office must be used regularly and exclusively for business purposes. Additionally, your home office must be your principal place of business, or you must use the space to meet with clients or customers regularly.
If you meet these requirements, you may be able to deduct a portion of your home expenses, such as rent/mortgage, utilities, and internet, based on the percentage of your home used for business purposes.
It's important to note that there are limitations to the deduction. If your home office expenses exceed your income from your business, you may not be able to deduct the full amount in the current tax year. However, you can carry over any remaining expenses to the following years.
Also, if you are an employee who works from home, you may only be able to deduct home office expenses if your employer does not reimburse you for those expenses.
If you are unsure about whether you qualify for a home office deduction, it is recommended that you consult with a licensed tax professional or accountant for further advice.
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