2007-02-21 03:42:26 · 9 answers · asked by Nick 2 in Business & Finance ➔ Taxes ➔ United Kingdom
No, you are receiving a product/service for your money, so you get no tax deduction. If you were paying more for your rent than the fair market value, then you would be able to deduct the extra. In this case that would be very hard to prove, since rent can be whatever someone is willing to pay, and you would only be setting yourself up for an audit.
2007-02-21 03:48:06 · answer #1 · answered by Brian G 6 · 0⤊ 0⤋
Charitable contributions are only deductible if there is no consideration given for the donation. Since you are getting a place to live in exchange for the money given to the charitable organization, the answer is no.
2007-02-21 03:46:29 · answer #2 · answered by Insurance Biz CT 5 · 0⤊ 0⤋
No; as everyone says it is simply payment of rent. I am not certain that in UK there is any allowance made by IR for charity donations though if you complete a gift aid THEY get the tax back
2007-02-21 03:49:36 · answer #3 · answered by Davy B 6 · 0⤊ 0⤋
in case you at the instant are not itemizing you get no tax income from charitable donations. It basically is clever to itemize in the adventure that your finished deductions are extra advantageous than your primary deduction, presently $5,950 for a individual submitting as single.
2016-11-24 22:01:40 · answer #4 · answered by ? 4 · 0⤊ 0⤋
No
nice try, though
You are paying for a service. It is the trust that is making a charitable donation with _their_ money.
2007-02-21 03:47:24 · answer #5 · answered by Vinni and beer 7 · 0⤊ 0⤋
Nope. It's your rent. You aren't donating it. You dont give it monthly out of the goodness of your heart. You give it because you will be evicted if you don't. Rent is not a qualified deduction.
2007-02-21 03:47:36 · answer #6 · answered by Anonymous · 0⤊ 0⤋
NO: Non-Profit can only give receipts for contributions if no goods or services are exchanged for the money they get. They can give you a receipt for rent. IRS will not accept your claim.
2007-02-21 07:48:39 · answer #7 · answered by whatevit 5 · 0⤊ 0⤋
there is exumptionf for the total income .percentage of limitation is there.tax is deductable.
2007-02-21 03:51:41 · answer #8 · answered by **vinny** 2 · 0⤊ 0⤋
no they still have to pay tax !
2007-02-21 03:49:42 · answer #9 · answered by FRANK W 2 · 0⤊ 0⤋