gino
New Member

Is rent paid on your personal residence tax deductible in new jersey

 
gino
New Member

Investors & landlords

Thanks for the quick reply, when I take a closer look it looks like New Jersey allows a credit or tax deduction of up to 18% of the rent paid, which ever is greater. Am I reading this wrong because I would think 18% of rent paid as a tax deduction would be higher for just about everyone then a $50 tax credit in New jersey.  <a rel="nofollow" target="_blank" href="https://www.state.nj.us/treasury/taxation/amountofproptax_rent.shtml">https://www.state.nj.us/treasu...>

Investors & landlords

It depends upon your income and tax rate. The program gives you the better of the two.

Investors & landlords

Kind of, rent is not deductible, however, there is a property tax credit for renters for up to $50.  The link with more information is below. 

https://www.state.nj.us/treasury/taxation/njit35.shtml

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