Renter's Insurance

[poirot84]

I just moved into my own apartment and I got renter's insurance.  When it comes time to do my taxes, what I need to do?

[xmasbaby0]

You do not do anything with your renters insurance on ypur tax return. There is no place to enter anything about that on a tax return. 

[xmasbaby0]

You did not actually ask about your rent, but hopefully this will help you too.

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.

[Carl]

Renter's insurance is a product purchase by a lessor to protect against loss of their personal belongings in a house they do not own, but are paying rent for. Renter's insurance also includes $300,000 of liability coverage should the tenant be found legally liable for any damages to the property they are paying rent for. This type of insurance is not deductible on any tax return - be it state or federal.

I suspect you may be confusing this with the "renters credit". Some states that tax personal income will allow those who pay rent for their primary residence to claim a renter's credit on their state return. It's basically allowing them to deduct a portion of the rent they paid, as a credit or deduction for the property taxes paid by the owner out of the rental income.

[poirot84]

Since this is new to me and since there was a deductible with my renter's insurance I wanted to be sure now that is all.  Thank you both for the input.