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Investors & landlords
As Mike9241 mentioned personal rent is not deductible on the federal but you might be able to claim renter's credit on your state return. If your state offers such a credit, we'll ask rent-related questions when you go through your interview in TurboTax. For example in CA the amount of the credit is unrelated to the amount of rent paid.
Find your state from the link below to learn what tax credits you may qualify for:
Am I eligible for a state renter's tax credit?
If you are self employed , you may deduct ordinary and necessary expenses for renting property used in a trade or business on Schedule C. You will deduct the amount that you actually paid.
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‎February 23, 2023
6:24 AM