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I work from a home office part of the time and was told that can deduct the rent I pay for that room from my taxable income. Is that correct?
Hi there,
The rent you pay for a room (or the imputed rental value, if you own your home) can be deducted from your taxable income if you meet certain requirements. The primary requirements are that the room (or rooms) must be used exclusively for work and that a substantial portion of your work is done at home. The deduction is calculated based on the size of the rooms in question in relation to the size of your entire home.
Best regards from Moneyguru
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