topic Monthly Rent in Investors & landlords

Monthly Rent

ashleydeui — Thu, 16 Jan 2020 04:57:46 GMT

I live with my boyfriend and we split the cost of the mortgage and bills but my name isnt on the house or bills or anything so what should i put for monthly rent?

Re: Monthly Rent

xmasbaby0 — Thu, 16 Jan 2020 05:11:33 GMT

RENT

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.

Re: Monthly Rent

xmasbaby0 — Thu, 16 Jan 2020 06:11:12 GMT

And... if you are entering your monthly "rent" on a state return, your BF has to claim the rental income he is receiving on his own tax returns--federal and state. Your arrangement sounds more like cost-sharing than a rental situation, no?