Can you deduct your rent payment on your taxes? I have been told two different things. So if there are people that are familiar with this please inform us asap. Thank you for your support.
By Vera from Wichita Falls, TX
No you cannot deduct rent; if you could I would be doing it. I have been preparing tax returns for family and friends for years using TurboTax. If you want to confirm this go to the IRS website and do a search. I think the link is www.IRS.Gov. Hope that helps.
Let me add to the previous statement I made. Do you use part of your home for business? In that case you can deduct part of it.
Sorry, no you cannot deduct your rent payments. It is one of the benefits of home ownership.
In the state of Missouri, you can get a credit for rent payments if you are retired and drawing SSI or if you are disabled. It is a percentage of your total rent for the previous year. I don't know about other states.
Here's the specific page at the IRS site that answers your question:
Scroll almost all the way to the bottom under the "Non-Deductible Expenses" heading--rent is there as a no-no.
Unless you are running a home business, in which case you're permitted only a portion of the rent dependent upon how many rooms in your rental you're using for the home office; there's plenty more on that at the IRS site, too.
Add your voice! Click below to comment. ThriftyFun is powered by your wisdom!