Solved: Is rent paid on your personal residence tax deductible in new jersey
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gino
New Member

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

 
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Vanessa
Level 3

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

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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gino
New Member

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

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...>
SweetieJean
Level 15

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

It depends upon your income and tax rate. The program gives you the better of the two.
Vanessa
Level 3

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

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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**Mark the post that answers your question by clicking on "Mark as Best Answer"

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