I manage a bed and breakfast, and I pay rent to the owner to live on property to be available to guests 24/7. I am a salaried employee.
Is there a way that I can get some of my rent money back in taxes, or any additional benefits I should be seeking? I am not receiving a discounted rental rate or anything.
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Unfortunately, no. As this arrangement stands, there isn't really anything you can do.
However, you may want to talk to your employer to change this arrangement. 🙂
If your employer requires you to live on-premises, that value would be tax-free. That will save both you and your employer taxes.
For example, let's say you currently get $4000 a month in salary and pay $1000 a month in rent. If your employer changes the situation, your employer could pay you $3000 a month and require you to live on premises rent-free. Your net amount would be the same, but $1000 less would be subject to income taxes and Social Security/Medicare taxes. Your employer would save on Social Security/Medicare taxes, and possibly Federal Unemployment, State Unemployment, and Worker's Compensation.
https://www.irs.gov/publications/p15b#en_US_2017_publink1000193699
Unfortunately, no. As this arrangement stands, there isn't really anything you can do.
However, you may want to talk to your employer to change this arrangement. 🙂
If your employer requires you to live on-premises, that value would be tax-free. That will save both you and your employer taxes.
For example, let's say you currently get $4000 a month in salary and pay $1000 a month in rent. If your employer changes the situation, your employer could pay you $3000 a month and require you to live on premises rent-free. Your net amount would be the same, but $1000 less would be subject to income taxes and Social Security/Medicare taxes. Your employer would save on Social Security/Medicare taxes, and possibly Federal Unemployment, State Unemployment, and Worker's Compensation.
https://www.irs.gov/publications/p15b#en_US_2017_publink1000193699
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