The money was in her IRA but now it's in a MMA when she gives it to me I don't have to pay taxes on it right but was wondering if she will have to or not because of the Gift T...
im annoyed at the amount of OUR money they are spending on their Tacky adverts! Additional Details ive been with them for over 25 years and cannot even get a loan from them cos of my ...
I am filling out my W-4 and wondering if I am considered Head of Household. I am a full-time student, and I work full-time as well. I have my own apartment (renting) and I pay all the utilities and ...
I have a situation where I need to file my taxes literally AS SOON AS POSSIBLE. I mean, even before 1/1/09, if possible with my last stub. I am trying to get my employer to give me my W-2 immediately,...
Efiled on the 16 Jan 2009 and was accepted by the IRS . Still does not show up in Where's My Refund. Is there something wrong? Anyone else experience this issue? If its accepted why is it not ...
Do you agree or disagree that the USA should get rid of the income tax and create a national sales tax? The poor consume less so naturally they would pay less, but with the fair tax they would be ...
i lived with my mom from jan this year till sep and then i moved out and in with some one else and there taking care of me i dont work or anything so who should claim me on there taxes?
A friend of mine(whose mother is an accountant) told me that I should get everything back because I am a full time student...is this correct? I dont have any dependents and noone else can claim me as ...
charlotterusse1983
Is it true that you can file a deductioin on your taxes for paying rent?
I heard that you can file a tax deduction for paying rent at your residence and get something like a full month's rent back. Is this true?
While you won't get a deduction from your federal taxes for paying rent, some states allow you to claim the Homestead or Renter's Refund. The Homestead or Renter's Refund is filed seperately from your state return. Each state may also have their own requirements to qualify for this refund.
So, check your state's Dept. of Revenue website and see if they have this type of refund and what you need to qualify.
Ella727
nope.
Lori K
no
skcs69
No.
Judy1
No, not on federal taxes.
What you might be hearing about is a state program. They call it different things in different states - Pennsylvania calls it a rent rebate program. In PA it's only available to those over 65 or qualifying widows/widowers over 50, or someone who is permanently disabled. There are income limits for eligiblility for the program.
Different states have different rules, although many states have a program like this. Check into it for your state.
Relax Guy
Only if you can prove that it is being used as a home office. That will send up a red flag with the IRS which will greatly increase your chances of getting audited so make sure you have an office there.
Blunt Honesty
no
Jim C
Nope! It would be a good try though.
OSI Ret
Not true. Rent money is money out the window.
If you buy a house you can deduct interest you pay on your taxes...
zp055att
Some states allow a "renter's credit" (amount varies by state) if you use the standard deduction of the state. I don't think there such a Federal deduction. It's not a lot but might as well use it if you qualify.
Frank the tank
Not for paying rent, but when you own property, you have to pay property taxes, and part of that is tax-detuctible.
There's the possibility that paying rent would be tax deductible if you can prove that it's a business expense.
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