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 significant change did the Tax Cuts and Jobs Act introduce regarding work from home deductions for employees?

Who is eligible to make deductions for home office supplies according to the text?

What should employees who have been working remotely since the pandemic do regarding their work from home expenses?

What potential loophole exists for employees working from home with a side gig or a spouse with a home office business?

What is the time frame during which the business use of the home office deduction was suspended?