Tax write offs and deductibles?

Question

someone told me I can write off my rent on my taxes, is this true? what are some of the common write offs that people miss or don't know off that i can write, so I can get more money?

Answer 1

Rent for you living space is not deductible on the Federal Tax return
Other deductions are

Medical expenses that exceed 7.5% of your adjusted gross income Pub 502
State and Local Income taxes or State and Local sales tax
Real Estate Taxes,Property tax Pub 936
Mortgage Interest Pub 936
Loan Origination Fees Pub 936
Charitable Deductions Pub 526
Misc deductions Pub 529

http://www.irs.gov/publications/p502/ind...

http://www.irs.gov/pub/irs-pdf/p600.pdf....

http://www.irs.gov/publications/p936/ind...

http://www.irs.gov/publications/p526/ind...
http://www.irs.gov/publications/p529/ind...

Answer 2

Under Section 280A(a), there is a general disallowance for allowing the deduction of a portion of the costs associated with your dwelling.

However, under 280A(c)(1), this rule is excepted if the portion of the residence being deducted is used exclusively:

(1) As the taxpayer's principal place of business;
(2) As a place of business used by patients, clients, or customers when visiting the taxpayer in the normal course of business; or
(3) Is a separate structure not attached to the dwelling that is used in connection with the trade or business

When making a determination about whether or not the use qualifies for a deduction, the tax court will consider the following factors under Popov (a leading case in the area):

(1) The relative importance of the activities performed at home and elsewhere; and
(2) The amount of time spent working at home and elsewhere

Also, a home office qualifies as a principal place of business if it is used to conduct administrative or management activities of the taxpayer’s trade or business and there is no other fixed location where such administrative or management activities can be performed

***NOTE*** Although this is the legal standard, be aware that this is a RED FLAG for the IRS. You are essentially begging for an audit if you claim this deduction and don't also have your own business.

Answer 3

In CA you can get a renters credit on your STATE return but I don't know about other states.

Common deductions include mortgage interest, property taxes & charitable donations. Medical usually doesn't help becasue of limitations. There is also employee business expenses (non-reimbursed) and tax preparation fees for the prior year. However, these are meaningless if they aren't over the "standard deduction."

Answer 4

Sorry, you can not write off rent on USA income taxes. If you own a home you can write off the mortgage interest.

Answer 5

You can write off a protion of your rent if you ran a business out of your space. This year the biggest tax write off most people are going to miss is the phone tax rebate

Answer 6

no you cannot write your rent off without running business in your home or something similar to that

*telephone exise tax this year of $30 single or $40married FJ

*tax prep fee is deductible

*all drs dentists and eyeglasses and healthinsurance

*school, student loan interest

*personal property tax and real extate tax

there are hundreds of things