I heard that you can file a tax deduction for paying rent at your residence and get something like a full month's rent back. Is this true?
2007-01-23 01:50:15 · 12 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
While you won't get a deduction from your federal taxes for paying rent, some states allow you to claim the Homestead or Renter's Refund. The Homestead or Renter's Refund is filed seperately from your state return. Each state may also have their own requirements to qualify for this refund.
So, check your state's Dept. of Revenue website and see if they have this type of refund and what you need to qualify.
2007-01-23 02:42:38 · answer #1 · answered by Celeste 6 · 0⤊ 0⤋
Not for paying rent, but when you own property, you have to pay property taxes, and part of that is tax-detuctible.
There's the possibility that paying rent would be tax deductible if you can prove that it's a business expense.
2007-01-23 01:57:38 · answer #2 · answered by Frank the tank 7 · 0⤊ 0⤋
No, not on federal taxes.
What you might be hearing about is a state program. They call it different things in different states - Pennsylvania calls it a rent rebate program. In PA it's only available to those over 65 or qualifying widows/widowers over 50, or someone who is permanently disabled. There are income limits for eligiblility for the program.
Different states have different rules, although many states have a program like this. Check into it for your state.
2007-01-23 04:06:27 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
rent has nothing to do with your income taxes if you are single without dependents your non taxable income for 2013 is $10K, you will still owe income tax on $1416 of the income you mention the landlord files income taxes and reports his rent income on Sch E no matter how much he gets in rents
2016-05-24 00:39:59 · answer #4 · answered by ? 4 · 0⤊ 0⤋
Some states allow a "renter's credit" (amount varies by state) if you use the standard deduction of the state. I don't think there such a Federal deduction. It's not a lot but might as well use it if you qualify.
2007-01-23 01:59:41 · answer #5 · answered by zp055att 6 · 0⤊ 0⤋
Not true. Rent money is money out the window.
If you buy a house you can deduct interest you pay on your taxes...
2007-01-23 01:53:56 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Only if you can prove that it is being used as a home office. That will send up a red flag with the IRS which will greatly increase your chances of getting audited so make sure you have an office there.
2007-01-23 01:54:25 · answer #7 · answered by Relax Guy 5 · 0⤊ 0⤋
Nope! It would be a good try though.
2007-01-23 01:53:43 · answer #8 · answered by Jim C 6 · 0⤊ 0⤋
nope.
2007-01-23 01:52:13 · answer #9 · answered by Ella727 4 · 1⤊ 0⤋
no
2007-01-23 01:52:09 · answer #10 · answered by Anonymous · 1⤊ 0⤋