Tax Rent Deduction
April 4th, 2008
Question: Can rent be a tax deduction?
We are currently renting out our property to tenants, and renting somewhere else. I have heard that the rent we are paying (at the property we don’t own) can be a tax deduction, if the rent we are paying is higher than the rent we are receiving at our property.
Does anyone know if this is true???
Answer: No
Items on Amazon Right Now for Tax Rent Deduction:
| | Quicken – Rental Property Manager 2012 $114.01 The Quicken® Rental Property Manager 2012 from Intuit® makes it easy managing and organizing your personal and rental property finances, all in one place. This personal finance software helps you to identify tax-deductible rental property expenses so you can maximize your tax deductions. Additionally, it shows how your rental properties are doing and where you’re spending at a glance. Besides th… |
| | First-Time Landlord: Your Guide to Renting out a Single-Family Home (USA Today/Nolo Series) $16.75 Whether or not you call yourself a “landlord”, when you rent out a house you’ll want to do it right! The “Landlording 101″ course for new rental property owners who are first-time landlords by way of an inheritance, divorce, investment, purchase for a family member, or a move to a new house. 90% of small properties are owned by individual landlords, and millions in this group are balancing the… |
| | The Complete Guide to Your First Rental Property: A Step-by-Step Plan from the Experts Who Do It Every Day $12.47 You are ready to take the plunge and begin investing in your first rental property. Congratulations, but now what do you do? You do not have to go it alone with this new comprehensive book that will guide you step-by-step upon the road to the financial success you desire. Investing in rental properties is one of the safest and smartest investments you can make. Real estate appreciates at a rate fa… |
| | Every Landlord’s Tax Deduction Guide $34.99 This bestseller is the only book on tax deductions specifically for residential landlords! Named a “Top 10 Real Estate Book” by Robert Bruss, syndicated real estate columnist. If you own rental property, you should be taking advantage of the many tax write-offs available. Every Landlord’s Tax Deduction Guide gives residential landlords the plain-English guide they need to save money on taxes — wi… |
Bill Thomas: Real estate dreams, schemes helped doom economy
When Bill Thomas was chairman of the tax-writing House Ways and Means Committee, he thought too much emphasis was being placed on home ownership. “If you can afford to buy a house, you are rewarded handsomely in a number of financial ways. If you can’t, you are punished because you pay rent. You can’t even subtract rent from your income tax,” said Thomas, who retired in 2006 after representing …
Federal Tax Rates 1913 to 2009 — highest rate 92%
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Posted in Landlord Deductions | 
Tags: deduction, home, income tax rent deduction, mortgage, realestate, tax