Can I write off rent if I work from home?

The IRS allows a home office deduction if you use part of your home exclusively and regularly as your principal place of business, or as a place to meet with clients or customers in the normal course of your business. The deduction is calculated based on the percentage of your home that is used for business. For example, if your home office occupies 10% of your home, you can deduct 10% of your rent. However, there are limitations. The deduction cannot exceed the gross income from the business use of the home minus the sum of certain business expenses. It's also important to note that this deduction is not available if you only occasionally work from home or if you rent your home to your employer and use it as an office.