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Jill on Money with Jill Schlesinger

Coronavirus: Work From Home Deduction?

Jill on Money with Jill Schlesinger

Audacy

Self-improvement, Business, Investing, Education

4.61.8K Ratings

🗓️ 26 May 2020

⏱️ 6 minutes

🧾️ Download transcript

Summary

With all of us working from home, are there any deductions we should be looking out for when tax season rolls around next spring? I've been waiting for that question to hit the inbox :) Have a money question? Email me here. Please leave us a rating or review in Apple Podcasts. "Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com. To learn more about listener data and our privacy practices visit: https://www.audacyinc.com/privacy-policy Learn more about your ad choices. Visit https://podcastchoices.com/adchoices

Transcript

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0:00.0

Welcome to the Jill On Money Coronovirus Market update. It is Tuesday morning.

0:08.9

I hope you all had a restful weekend. We are back at it and we want to make sure we are here for you

0:15.6

answering your questions if you've got a financial and investment a tax and

0:20.8

insurance and a state basically anything to do with money, send us an email.

0:25.4

Ask Jill at Jill on Money.com. Ask Jill at Jill on Money.com. So let's get into some questions from Larry we received. This question,

0:36.5

work from home tax deduction is the subject. Now that my employer requires us

0:41.7

to work from home, what can be deducted in next year's taxes?

0:45.4

Partial rent using second bedroom's office, internet fees, cell phone for meetings,

0:49.6

electricity?

0:50.6

What receipts bills should I be saving now for documentation? I reside in Florida. Thank you.

0:56.5

Larry, I've got good news and bad news. Good news is good thinking. Bad news is there's no way that you're getting any deductions for this because first of all

1:06.1

you're an employee and you cannot actually deduct unreimbursed business expenses anymore.

1:13.4

So maybe that rule changes for next year, but that's something that I wouldn't mess around with.

1:18.6

Also, it's a huge audit flag.

1:20.4

So if you're self-employed you should be doing it.

1:22.6

But I think as an employee I wouldn't mess around with it unless we start to find out

1:27.6

that you will get some benefit from that.

1:30.8

I doubt it though.

1:31.8

Okay. Wendy writes, good morning. from that I doubt it though. Okay?

1:33.0

Wendy writes, good morning Jill.

1:35.0

My husband and I were able to watch your segment on CBS this morning.

1:39.0

Due to the current economic conditions,

...

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