Can I deduct my rent over $500 a month on my taxes?

Question

Can I deduct the portion that is over the $500 a month? If my rent is $625 a month, can I deduct the $125 a month from my taxes?

Answer 1

Not from your federal taxes - there is no rent deduction on federal taxes except for property used for your business.

Answer 2

As a rule you cannot deduct rent on your federal return unless you run a bona fide business from home. You cannot deduct property taxes unless you are named as the owner on the deed registered with (usually) the county. Has a friend done this? If so, your friend may have an unpleasant surprise coming.

Some states allow homestead rebates, which may be based on rent paid or property taxes due on the property, but that is purely a state issue.

Answer 3

I don't know what the $500.00 rent threshold means.

Some people pay $1,000.00 a month rent, some split a rent of $1,500.00 two or three ways depending on number of room mates.

The deductibility of rent probably only exists if there is a part of the dwelling used for business purposes.

This has to be proven with receipts or canceled checks.

I'd advise getting in touch with I.R.S. and ask about rental deductibility (if it exists).

Without a more clearer question, your best source is the I.R.S.

Answer 4

No you can't deduct personal rent unless it's business related.

Answer 5

No. Rent is not deductible.

Answer 6

Not in the United States. Where did you get that idea?

Answer 7

only if you have a home business

Answer 8

You can but it won't fly.

Answer 9

No.