Tax Tip #158

Many are aware that mortgage interest is tax deductible. Well Renters can also benefit from some sort of tax break depending on their state of residence.

The following states provide some sort of tax benefits for renters: NJ, CA, CO, CT, DC, HI, IN, IA, ME, MD, MA, MI, MN, MT, ND, PA, VT,WI.

Some of these states provide a benefit only for seniors. Some only for low-income taxpayers. 18% of the amount paid in rent is the deduction that NJ provides up to 15K. If Goldstein & Loggia prepares your tax return in one of these states, then provide the rent that was paid for the year when providing the rest of your tax documents and a team member working on your return will claim the qualifying rent tax benefits.