“Renters are screwed when it comes to tax deductions,” according to one tax professional, who asked to remain anonymous.
“They don’t have a mortgage and they don’t pay property taxes,” he added. Two tax write-offs that frequently save homeowners thousands of dollars.
Renters should, however, take solace in New Jersey-based CPA Gail Rosen’s comments, “Renting is sometimes better than buying and the tax advantages don’t always make buying the better option.”
Depending on which state you live in and what you do for a living, you may still be able to net some substantial write offs as a renter. Here are 6 areas you may be able to uncover hidden deductions before the 4/15 deadline rolls around.
- Some states offer deductions for rent HERE
- Home office deductions HERE
- Start Up Costs HERE
- College Costs HERE
- Job Hunting Costs HERE
- Charitable Giving HERE
To read the full article go HERE: abbreviated from the Hotpads blog - 6 Potential Deductions For Renters