Tax Deduction for WFH

[495neighbor]

Typically not a worthwhile deduction as you have to pay capital gains on the depreciation deductions when you sell the home.

[mdovell]

That's a good question but I have to wonder if a 1099 status might make that different. I have heard of some employees have negotiated higher speed internet and av equipment. For the first few months av equipment was sold out and there was price gouging of 3x.

[Louisville Slugger]

Originally Posted by Bridge781

I would think people are saving money working from home.

Depends how far of a commute you had prior to working from home. For me, the increased electricity costs to heat and cool my home will outweigh any gas savings from not commuting.

We'll see what my heating bill looks like this winter.

[BostonMike7]

Originally Posted by Louisville Slugger

Depends how far of a commute you had prior to working from home. For me, the increased electricity costs to heat and cool my home will outweigh any gas savings from not commuting.

My costs are up too. Everyone's been home since March. Heating costs were up, now electric costs with AC, and water costs up since we are entertaining in the yard with sprinklers and other water yard toys and such. $20 in gas lasts me typically a week pre COVID. Now it lasts 2 weeks. So I've save $20 on gas a month. Meanwhile all my other utility costs have gone up 20-30%.

Boredom purchases are up as well. For some reason I decided to learn guitar, so I bought myself an electric guitar and been taking lessons online.

We've saved money on day-care and before/after school programs as well as vacations as we have cut back on our weekend trips.

[Louisville Slugger]

Originally Posted by BostonMike7

My costs are up too. Everyone's been home since March. Heating costs were up, now electric costs with AC, and water costs up since we are entertaining in the yard with sprinklers and other water yard toys and such. $20 in gas lasts me typically a week pre COVID. Now it lasts 2 weeks. So I've save $20 on gas a month. Meanwhile all my other utility costs have gone up 20-30%.

Boredom purchases are up as well. For some reason I decided to learn guitar, so I bought myself an electric guitar and been taking lessons online.

We've saved money on day-care and before/after school programs as well as vacations as we have cut back on our weekend trips.

I'll probably get a credit for my car insurance once my policy renews. I got that going for me which is nice. I hear you on the boredom purchases.

Here's my haul for the last three months:

• Night Light Projector
• PC Webcam with Microphone
• Anker PowerCore 10000 Portable Charger
• CamelBak Podium Chill Insulated Bike Water
• Bicycle Phone Mount Bag
• SIGSIT Reusable Bike Wheel Straps
• MOREOK Mens Cycling Gloves
• SAMIKIVA Black (30 Pack) Tire Stem Valve Caps
• New York Biology Dead Sea Mud Mask for Face and Body
• OXO 38991 Good Grips 8-Inch Fine Mesh Strainer
• Allen Sports Deluxe 2-Bike Trunk Mount Rack, Model 102DN-R
• Guardian Air Step Anti-Fatigue Floor Mat
• Sportneer Bike Trainer Stand Steel Bicycle Exercise Magnetic Stand
• LapGear Home Office Lap Desk with Device Ledge

I've been playing guitar for over 10 years and bought myself an Archtop that I have been eyeing. I bought this in March and I am still waiting for it.

https://www.guitarcenter.com/Godin/5...75776905446.gc

Hopefully I will get it this month...

Have fun with the guitar.

Just looked it up, 15% credit:

15 percent credit to all auto and motorcycle customers as policies come up for renewal, between April 8, 2020 and October 7, 2020. This credit will also apply to any new policies purchased during this period as part of our commitment to protecting the wellbeing of our customers.

Current customers can expect to see the credit when they renew. Customers do not need to take any action to receive this credit.

The credits are expected to average $150 per auto policy and $30 per motorcycle policy. With roughly 18 million auto policies and 1 million motorcycle policies in force, we are proudly providing a total benefit of approximately $2.5 billion to our customers.

[Bridge781]

True on the heating bill this winter.

[id77]

This is starting to make me think I'm unusual for not making any boredom purchases this year, but to be fair, I wasn't bored either.

[Bridge781]

I didn’t make any boredom purchases either. My DH bought a kayak about a month ago that we haven’t used yet. We also just purchased a new house and furniture so I haven’t been bored either lol.

[johngolf]

In past years, the IRS always took a close look at Office in the Home Deductions so be very careful with such.