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pixiedust
LIF Adolescent
Member since 8/07 553 total posts
Name:
<3
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Claiming rent on taxes?
Does anyone have any info about being able to claim rent in nyc on your state or federal taxes? I searched online but I keep reading conflicting answers.
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Posted 8/10/11 12:50 PM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
alli3131
Peanut is here!!!!!!
Member since 5/09 18388 total posts
Name:
Allison
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Re: Claiming rent on taxes?
I have claimed rent on my taxes but it was only when I was workign from home and it was a cost of doing business. If you are just living there I don't think you can claim it.
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| Posted 8/10/11 3:23 PM |
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Peaches77
LIF Adult
Member since 1/10 993 total posts
Name:
Me
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Re: Claiming rent on taxes?
Like PP said, if you are working out of your home, then a portion of your rent can be used as a home office deduction. It is allocated on the amount of square footage used for business, versus the total amount of square footage of the home.
FM if you have more questions as I have tax experience.
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| Posted 8/10/11 4:08 PM |
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pixiedust
LIF Adolescent
Member since 8/07 553 total posts
Name:
<3
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Re: Claiming rent on taxes?
thank you for your responses!
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| Posted 8/11/11 11:17 PM |
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acm1899
LIF Adult
Member since 1/11 1085 total posts
Name:
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Re: Claiming rent on taxes?
NYC has a Real Property Tax Credit Form IT-214, but really the only people who would probably qualify are those with very low income (less than $18,000) and whose monthly rent averages $450 month.
Besides this, as PPs wrote, if you work from home and have a home-office, you can deduct a portion of your rent as a personal business expense.
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| Posted 8/12/11 12:23 AM |
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