Tax Tips 2004 - Deduct Your Own Home Office

So many of us work at home these days and have a room at home we call our office. Can we get a tax deduction for that office at home? Atlanta CPA Sheldon Donner says if you work for someone else, forget it!

"If you are truly an employee it is difficult to get the deduction because the employer provides a place of employment for you. So that is going to knock you out of the box if you attempt to deduct your home office as an expense."

If you are self employed, Donner says the rules are different.

"A self-employed individual who uses the space exclusively and regularly as a principal place of business or to conduct administrative or management activities of his or her trade or business and it's the only place where such activities are conducted, may deduct office in home expenses."

Not meant to be a complete discussion of any tax subject. We are not responsible for any action taken based on this information, which is from reliable sources and believed to be accurate. See your tax advisor before taking any tax related actions.