Standard deduction - I own rental properties but live in an apartment myself. How do I answer the question, "Do you own a home?" to see if I should take the standard deduction or not?

[AndreaG · Accepted solution]

The answer to the question, do you own a home?, is no, because you are renting an apartment. 

The income and expenses for the rental properties that you own are reported separately on Schedule E. With respect to personal expenses, such as expenses related to your personal residence, these types of deductions can be taken as itemized deductions if you qualify to itemize. If you dont qualify to itemize, then the standard deduction would be the best option for you. 

To itemize your deductions, you would have to have personal expenses such as medical and dental expenses, mortgage interest, real estate taxes, unreimbursed job expenses and certain miscellaneous expenses, and charitable contributions that when combined together, total more than your standard deduction. For example if you file single, your standard deduction is $6300 so you would have to have personal expenses that total more than $6300.