Is Apartment Rent Deductible ? How does that work? Is it 100% Deductible?
2007-08-29 13:50:10 · 4 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ Other - Taxes
Federal no. The only way it is deductible at all is if you have an office in the home, and even then it is only deductible to the % that your home office is to your entire house. For example if you have a home office that is 10% of your house, then 10% of your rent is deductible. And usually an office in home would be an expense on Form 2106 - Employee Business Expenses or Form 8829 - Office in Home. Some states do allow a deduction for rent paid, Massachusetts for example allows a deduction for rent paid, but the maximum rent paid deduction allowed is $6,000 and only 50% of that can be deducted on the state return.
2007-08-29 14:59:12 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Rent is usually not deductible unless it is a business rent expense.
2007-08-29 13:57:46 · answer #2 · answered by Jim T 4 · 0⤊ 0⤋
Basically, no. It may be partially deductible under some circumstances if you are running a business out of part of your rented apt.
2007-08-29 14:44:07 · answer #3 · answered by heart_and_troll 5 · 0⤊ 0⤋
No, unless you running a business.
2007-08-29 14:32:02 · answer #4 · answered by Wayne Z 7 · 0⤊ 0⤋