If I rent a room from someone so that I can rent out my house, is MY rent considered tax deduction? One could argue that it was a necessary expense in order to generate rental income.
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There is not a rent deduction or credit on your Federal return. If your state has anything for renters you will be prompted to enter your rent info when you complete your state return. As far as I know, the states that have anything for rent are Arizona, California, Connecticut, Hawaii, Indiana, Iowa, Maine, Maryland, Massachusetts, Michigan, Minnesota, Missouri, New Jersey, Rhode Island, Vermont, and Wisconsin
@Carl I would answer this, but..... "One could argue that it was a necessary expense in order to generate rental income."
it's a personal expense - which is not deductible ...which if the IRS permitted the argument, half of America would rent out their home and rent another place to live so that the government would help pay for it via tax deduction. 😉
Thanks, I get that. Would be a win-win though because govt would make money too.
how so?
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