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Landlords reap the benefits of rental property tax deductions more than tenants. If you rent an apartment or house, you may be looking for a rental tax deduction. Unfortunately, renters cannot deduct rent payments from your federal return. The property owner has it better off when it comes to the tax benefits of rental property. Landlords should report all rental income and deduct all out-of-pocket rental property expenses including maintenance, insurance, tax and interest in full, according to the IRS.
It’s not all bad news, however, for all the renters out there. Some states offer a rental tax deduction and there may be other federal deductions renters can claim. Let’s take a look at some other tax deductions you may be able to take.
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