hi
when you pay your mortgage for the house that you purchased , the mony thet you pay for your mortgage will be deduct from your income tax and you dont pay tax on that money but how could you do the same thin for the money that you pay for the apartment that you rented?
thanks!!!
2006-10-30 16:00:24 · 7 answers · asked by AGHA D 1 in Business & Finance ➔ Taxes ➔ United States
In the state of California you claim what is called a renter's credit. Its only worth $60. Check your local tax return forms for the different deductions. Or go to the franchise tax board and look under your state for the guidelines
2006-10-30 16:27:41 · answer #1 · answered by ? 2 · 2⤊ 0⤋
What kind of apartment other than a senior citizen apartment, offers rent price based on your income? If you want to move out on a trial basis, rent a room or share with someone until you have a full time job and credit history.
2016-05-22 14:28:36 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Denbob and AWF is correct. Paying rent is not deductible for Federal purposes. But certain states, it is a Renters Credit but is limited and phases out after you make a certain amount of money.
California, Minnesota, New York has the Renters Credit.
Check with your state government's website to see if they have a Renters Credit.
2006-11-02 13:03:27 · answer #3 · answered by Anonymous · 0⤊ 0⤋
You are miss-informed. The amount of the mortgage deduction is only for the interest portion paid. And that is only deductible if you have itemized deductions that exceed your standard deduction amount. The object of this deduction is to entice citizens to purchase their own home. The only way to deduct rent as an individual is if you are forced, by your job requirements, to temporarily relocate and maintain to households. If you were self-employed the only deductible amount would be the percentage that you use for business purposes.
2006-10-31 03:21:08 · answer #4 · answered by Great Tax Info 2 · 1⤊ 0⤋
In Minnesota we have what's called a renter's credit. Landlord is required to give you a rent paid certificate by Jan 31. You apply any time before August to get the money back. It's also adjusted by your taxable income.
2006-10-30 16:13:17 · answer #5 · answered by denbobway 4 · 2⤊ 0⤋
Not at the federal level. Some states allow a partial credit for rent. In some states eligibility depends on income and/or age.
2006-10-30 18:06:14 · answer #6 · answered by Judy 7 · 2⤊ 0⤋
Unfortunately, you can not claim rent money on your taxes. The only way that you could possibly do this is if you were using your apt for self - employment, and or work.
Cristy
2006-10-30 16:04:46 · answer #7 · answered by shoopylucia 1 · 2⤊ 0⤋