Does renting a residential property from another party provide any tax benefits in California, USA?

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Does renting a residential property from another party provide any tax benefits in California, USA?

2007-02-12 10:01:37 · 3 answers · asked by ZOYA 1 in Business & Finance ➔ Taxes ➔ United States

3 answers

As the tenant? No.

2007-02-12 10:06:15 · answer #1 · answered by Bostonian In MO 7 · 1⤊ 0⤋

California provides a renter's credit, however the credit amount is very small (the maximum credit is $60 for single, $120 for married), and if your income exceeds a certain amount (AGI of $32,272 for single, $64,544 for married), you no longer qualify.

2007-02-13 00:48:05 · answer #2 · answered by jseah114 6 · 0⤊ 0⤋

Some states do provide some sort of a rental deduction on their tax return.

Unfortunately, CA does not!

2007-02-12 18:14:10 · answer #3 · answered by MrMojo1 5 · 0⤊ 0⤋