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We paid 14,400.00 for rent in 2016 can we claim this when we do our taxes??

 
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1 Reply
DJS
Level 8

We paid 14,400.00 for rent in 2016 can we claim this when we do our taxes??

Rent on a personal residence is not tax deductible. 

Federal deductions: You can’t deduct your rent payments from your federal income tax. Check to see if you pay property taxes as part of your lease agreement. If you do, you can deduct that portion of your rent or any property tax you pay directly. Additionally, you can deduct property losses or cost of damage of your property from fire, theft, flood or other accidents or natural disasters as long as your insurance provider does not reimburse you for the losses. 

Business use of your home: Do you work from your rental home? Expenses related to your home office can be deducted from your federal and state taxes. You can deduct the amount of rent represented by the square footage of your home used for business as well as a prorated portion of utility payments like water, power, heating and gas. A few years ago, the IRS made it easier for business owners to claim this deduction with the simplified option for home office deduction. Read more about it here.

Renter’s tax credit: Some states offer a credit for renters based on an amount that the state has determined equals the amount of rent the landlord collects to pay property taxes. To see if your state offers this credit, contact your state directly.

Answers are correct to the best of my ability but do not constitute legal or tax advice.
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