are monthly rentals tax deductible?

Question

I'm living in an apartment right now and wondering if all the rents that i pay every month, are they tax deductible?

Answer 1

No, unless the rental is associated with some sort of business activity. If you have a home-based business, part of the rent would be an expense. But be careful, this sets off a red flag at the IRS

Answer 2

No, unless you have a home business, and even then it's only a small portion of the rent; plus, the rules around home offices are getting tighter all the time.

Answer 3

Not unless you have a business and use a portion of the apartment to conduct business. You could then calculate the percentage of this portion and write off the corresponding costs.

Answer 4

no you can not write rentals off except for business,,,, one thing you can do is some states allow you to deduct up to $2500.00 in rent payments ... check your states tax laws..... if you have any type of home business you can take a portion of the rental off , say you have an office in your home and it takes 20% of space ,,, then you can take off 20% of your total cost ,,, like lights gas phone, all ulities.....

but you need to file a business tax form and keep good records

Answer 5

HRA could be claimed even whilst loss from belongings (homestead mortgage) is declared. The IT deduction is in 2 areas. the two intrst paid besides as critical paid could be deducted from income for IT purpose concern to the max limits shown below: the optimum cut back of interest charge is a million.5 lakhs and could be deducted for IT purpose. The cut back for critical which could be deducted from income is a million lakh in line with annum.

Answer 6

nope - only to the extent they are used in a business, i.e. write off

so never lease a car - unless it's for business