Taxing Times: Can I Deduct Work From Home Expenses?

The video discusses the impact of the COVID-19 pandemic on remote work and the surge in home office purchases. It explains the tax implications of the 2017 Tax Cuts and Jobs Act, which prevents employees from deducting home office expenses, while contractors can. However, there are potential loopholes for employees with side businesses or spouses with home offices. The video also notes that the current tax rules are not permanent and could change after 2025.

What major event caused a surge in the purchase of home office furniture?

• The COVID-19 pandemic

• The introduction of new technology

• The 2008 financial crisis

• A change in corporate policies

According to the Tax Cuts and Jobs Act of 2017, who can still deduct home office expenses?

• All employees

• Only contractors

• Only government workers

• All taxpayers

What must an employee have to potentially qualify for a home office deduction?

• A company-provided office setup

• A large home office

• A full-time job

• A side gig or a spouse with a home business

When is the suspension of the home office deduction set to end?

• 2022

• 2030

• 2025

• 2023

What is a possible future change regarding the home office deduction?

• It will be expanded to include all home expenses

• It might be reinstated

• It will be permanently removed

• It will be available only to large businesses