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Is rent paid on your personal residence tax deductible in new jersey
June 4, 2019
2:04 PM
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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...>
June 4, 2019
2:04 PM
2,181 Views
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Investors & landlords
It depends upon your income and tax rate. The program gives you the better of the two.
June 4, 2019
2:04 PM
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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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June 4, 2019
2:04 PM