Can I claim rent cost on my income tax?

Question

I am thinking about getting an apartment and friends are telling me that the rent I pay cannot be claimed as expenses on my income tax. Is this true? I was always under the impression if the landlord claims my rent as income then I'm in the clear to claim it as an expense.

I live in the USA in Florida BTW.

Answer 1

You can not claim rent paid on your personal residence unless you are taking a business deduction for some portion of the house. You can claim a deduction for business rent regardless of what you are renting. Some state have a renters credit on state income tax but you don't have state income tax in Florida

Answer 2

Uh, no you can't claim it as a deduction - you might have been under that impression, but your impression was wrong.

The only way you can is if you are eligible to claim a home office deduction, for example if you run your own business out of your apartment. Then you could deduct part, not all, of the rent as a business expense.

Answer 3

I understand your line of reasoning, but your personal expenses like rent of your residence are not tax deductible, even though the rent you pay may be income to the landlord.

The landlord is receiving income because he owns the building and is renting it for profit. You are paying rent because you live there, not because you are producing taxable income.

If you rented a property that was used to produce taxable income, that rent may be deducted as a business expense.

Answer 4

each and every province has supplies tax credit for the two vendors and renters. i've got self assurance that your uncle gets the senior's credit by using fact his income is so low. Your cousin's income may be too extreme for her to declare a supplies tax credit for hire paid to her father. If she IS claiming, supply her a smack for me for the reason that your uncle has much extra choose than any 30-some thing-3 hundred and sixty 5 days-previous who remains residing at living house (assuming, needless to say, that she is healthy). Does your uncle's community have the loose volunteer tax guidance software? those individuals use laptop courses which could propose Seniors (and the disabled) and could crunch numbers to grant the best thank you to report. Ours is administered out of the library.

Answer 5

Some states have a renters' credit tax adjustment, which is usually a piddling sum. Other than that, as others have said, rental of a primary place of residence is not in any way tax deductible.

Answer 6

Uh, hell to the no.

Rent for a personal place of residence is not deductible for tax purposes.

However, if you get a mortgage on a property that is your principal place of residence, the INTEREST on that mortgage is deductible.

That is why people want to own homes and not rent!

Answer 7

You are under the WRONG impression!