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You cannot deduct expenses from a previous year on this year’s tax return. You can only deduct expenses in the year that you paid for them.
You can deduct expenses you paid in the tax year for the employment use of a workspace in your home. However, If you cannot deduct all your workspace expenses in the year, you can carry forward the expenses. You can deduct these expenses in the following year as long as you are reporting income from the same employer. You still cannot create or increase a loss from employment by carrying forward workspace expenses, but you can use it to reduce taxes owing. However, if you did not need to use the expenses to reduce the employment income from that particular job, you could carry them forward.
However, you can still deduct your workspace expenses from your tax return, these are the steps that you should follow,
- You need to adjust the 2019 return to add the Workspace of Home Expenses
- You need to wait for the 2019 adjustment to be processed if you are claiming a carry forward amount on the 2020 return.
Please visit our Turbotax article on Can I Deduct Work-At-Home Expenses? to learn more about how to deduct your home office expenses.
